Securities litigation: defense in United States
Cahill Gordon & Reindel LLP has a strong bench of talent in New York and is regarded as one of the leading firms for the representation of underwriters in securities litigation. It has, for example, succeeded in numerous cases for Credit Suisse in cases relating to alleged manipulation of financial benchmarks, and alleged price-fixing in the bond market. It is also active in what remains of the litigation arising from the sale of morgage-backed securities before the global financial crisis. The firm's deep bank relationships see it act mainly for financial institutions, and its practice includes former traders and research analysts who have first-hand experience in the industry. Herbert Washer leads the practice which, though smaller than some of its New York rivals, is strongly focused on securities litigation as a core part of its litigation capability. Up-and-coming partners Jason Hall and Sheila Ramesh are recommended, as is David Januszewski, who is ‘an extremely good lawyer, much more visible than some others in the market’. Bradley Bondi in Washington DC is highly recommended for SEC enforcement matters.
‘The firm has a small securities litigation group but it is very good.’
‘David Januszewski is an extremely good lawyer, much more visible than some others in this field and he has had some very good wins.‘
S&P Global Inc.
Global Power Equipment
Directors of Patriot National, Inc. and CFO Thomas Shields
- Represented Credit Suisse and its subsidiaries in all U.S. litigation relating to alleged manipulation of the global foreign exchange (FX) markets, which included a significant victory in defeating class plaintiffs’ motion to certify two Rule 23(b)(3) classes.
- Represented Credit Suisse in connection with all US litigation relating to the multitrillion-dollar market for US dollar-denominated supranational, sovereign, and agency (SSA) bonds, in which plaintiffs alleged that defendants, including Credit Suisse and other major investment banks, conspired to fix the prices of SSA bonds sold to and purchased from investors in the secondary market.
- Representing Credit Suisse in multiple putative class actions and individual actions alleging that Credit Suisse violated the federal securities laws by failing to disclose adequately the risks associated with its offering of Velocity Shares Daily Inverse VIX Short Term ETNs.
- Representing Credit Suisse and its subsidiaries in more than 70 civil litigations filed since 2011 in federal and state courts arising from alleged manipulation of the London Interbank Offered Rate (LIBOR) and other reference rates.
- Represented S&P Global Inc. in connection with all of its financial crisis-related litigation over the past ten years, including multiple putative class action lawsuits as well as lawsuits filed by the United States Department of Justice and 20 state attorneys general in connection with S&P’s credit ratings of mortgage-backed and other structured finance securities; the firm has obtained dismissals in more than 30 cases against S&P in courts around the country.
Cravath, Swaine & Moore LLP in New York is renowned for its representation of corporate defendants as well as individual officers and directors in class actions and large individual actions. It is particularly noted for its work for underwriters, with its successes in mortgage-backed securities cases for Credit Suisse among its many highlights, though it also acts for large corporates in industries such as healthcare, retail, technology and media. Its recent work includes significant wins and the establishment of important precedents in mega-deal litigation, traditional securities fraud litigation, cases arising from the credit crisis and regulatory enforcement matters on behalf of issuers, financial institutions and audit firms The practice led by head of litigation Daniel Slifkin counts leading names in its ranks, including market veteran Richard Clary, Antony Ryan who focuses on accountants’ liability and securities litigation, and Karin DeMasi, whose experience encompasses class actions, derivative litigation and SEC investigations. Up-and-coming partner Lauren Moskowitz is also recommended.
‘Karin Demasi is an excellent litigator. She has a strong court presence and is always thoughtful and prepared. Lauren Kennedy is also quite good. I have work collaboratively with them in a highly complex multibillion-dollar securities class action. They are able to distill issues and have strong judgment.‘
‘Karin DeMasi has excellent judgment. She is able to strongly advocate for her clients. She is also always very prepared and is top-notch.‘
‘Newly promoted partner Lauren Kennedy is also very strong. She is a good writer and is always responsive.‘
AngloGold Ashanti Limited
El Pollo Loco
Tesla Board of Directors
The Williams Companies
- Representing Akorn, Inc. in a consolidated securities class action brought on behalf of Akorn shareholders relating to an announcement that Fresenius Kabi AG was investigating data integrity issues at Akorn.
- Defending AngloGold Ashanti in a securities suit related to sale of a gold mine to Newmont Mining, alleging that the company failed to disclose certain material information in connection with the $820m sale.
- Representing Avon Products, Inc. and certain of its officers in connection with putative securities fraud class action litigation alleging that defendants made false and misleading statements regarding Avon’s business in Brazil, its largest market, in violation of the federal securities laws.
- Represented Big Lots and certain of its directors and officers in a consolidated securities class action and related shareholder derivative litigation alleging that the defendants made false and misleading statements regarding the company’s financial performance and prospects.
- Bringing to a close almost 17 years of Enron-related litigation, the firm represented Credit Suisse entities and Pershing LLC in securing the favorable settlement of a lawsuit against several financial institutions that was part of the Enron multi-district proceedings in Texas federal court.
Davis Polk & Wardwell LLP
Davis Polk & Wardwell LLP has a long-standing securities litigation practice that handles some of the most challenging securities matters for large corporates and financial institutions. Active in both federal and state court, and before governmental entities that regulate the securities markets, it handles high-stakes litigation for corporate issuers of securities, public company boards of directors, underwriters, broker-dealers, investors and other active market participants. Among its clients are investment bank Morgan Stanley, technology firm IBM and BT plc. Its groundbreaking work includes multiple victories, among which was the outright dismissal of one action in its entirety, in first-of-its-kind cryptocurrency securities litigation. The practice is predominantly based in New York, where practice head James Rouhandeh and key partners Edmund Polubinski III and Charles Duggan are among its highly respected litigators. Neal Potischman leads the West Coast securities litigation practice from Menlo Park office, where he frequently represents individuals and institutions in civil, regulatory and criminal matters, as well as in proceedings before the SEC.
‘The firm clearly deserves its top ranking for securities litigation.’
‘Charles Duggan is lights out a great lawyer.’
- Secured a very favorable settlement for Royal Bank of Scotland in various investigations and claims relating to the mortgage meltdown and residential mortgage-backed securities.
- Achieved notable successes for Morgan Stanley in lawsuits arising from the mortgage meltdown and financial crisis of 2007–2008, including a recent settlement with the Department of Justice.
- Secured the dismissal of a $3.7bn RMBS suit for Morgan Stanley, in which Royal Park Investments had alleged fraud and negligent misrepresentation claims against major banks in connection with the purchase of RMBS that were offered or sold by defendants.
- Secured the dismissal of a putative securities class action for multinational telecommunications company BT Group, in which BT ADR holders alleged that defendants engaged in securities fraud in connection with an accounting scandal at BT’s Italian subsidiary.
- Secured a motion to dismiss a putative securities class action against Roche Holding AG and certain of its officers, which alleged that Roche’s disclosures of the results of the APHINITY study, a major clinical trial for one of Roche’s leading breast cancer medications, were materially misleading.
Gibson, Dunn & Crutcher LLP
The practice at Gibson, Dunn & Crutcher LLP has a strong track record in multibillion-dollar, 'bet-the-company' cases filed across the US, in which has represented large public companies such as Facebook, Vale and Nike. It also acts for banks and hedge funds in securities fraud cases, as well as representing individuals in derivative matters. The firm has a truly national practice, with securities litigators located in offices across the US, and it is known for its extensive trial capability. The practice co-heads are the 'genuinely gifted' Brian Lutz in San Francisco, Monica Loseman in Denver and Robert Serio in New York. Also in New York, 'highly credentialed senior lawyer' Mark Kirsch and vastly experienced trial lawyer Lawrence Zweifach are key figures in the team. In Washington DC, Joseph Warin leads the firms white-collar and investigations practice, which sees him involved in securities class actions and shareholder derivative actions, as well as an SEC investigations.
‘Brian Lutz is genuinely the next generation star in securities litigation. He is unusually gifted, wins a lot of cases, has a great touch with clients, and is great on briefs and in court.’
SIG Growth Equity Fund I, LLLP and Susquehanna Growth Equity LLC
Kleiner Perkins Caufield & Byers
Edward D. Jones & Co.
- Obtained a resounding trial win on behalf of alternative investments manager Investcorp, following a two-week bench trial, in which plaintiffs asserted five causes of action—negligent misrepresentation, negligence, breach of contract, breach of an implied contractual covenant of good faith and fair dealing, and promissory estoppel arising out of a 2013 “seeding” relationship in which Investcorp had provided capital on behalf of itself and certain of its clients in funds managed by Kortright.
- Representing Facebook and its directors and officers in all civil litigation arising out of reports of the alleged misuse of Facebook user data by Cambridge Analytica and related parties.
- Representing Vale S.A. in shareholder class actions relating to the collapse of the Fundão Dam in Brazil in 2015, that buried several villages, destroyed a swath of the Amazon forest and polluted a major river in Brazil.
- Obtained the dismissal of a putative securities class action against AmTrust Financial Services, Inc. and certain of its officers and directors, along with related claims against the company’s auditor and various underwriters, in a case arising from AmTrust’s restatement in 2017 of certain line items in its prior financial statements.
- Secured a major victory on behalf of venture capital firm Kleiner Perkins Caufield & Byers and individually named defendants, when the United States Court of Appeals for the Seventh Circuit affirmed dismissal of a putative securities class action at the pleading stage.
The securities litigation and professional liability practice at Latham & Watkins LLP 'has a great mix of subject matter experts and trial attorneys'. The firm has represented clients as defendants in more federal securities class actions than any other law firm and its has more trial experience in securities cases than most firms in the market. Its recent victory for Puma Biotechnology was the first securities class action in ten years to reach a successful trial verdict for a defendant. The firm largely acts for corporate issuers including multinationals in key industries such as technology and pharmaceuticals, though it also has a strong underwriter practice. 'Having a deep bench to draw upon anywhere in the country is a big plus', remarks one client. The practice is led by Jeff Hammel in New York, Andrew Clubok in Washington DC and Matthew Rawlinson in Silicon Valley. Up-and-coming partners Colleen Smith in San Diego, who excels in matters in the life sciences sector, and Jason Hegt in New York, who focuses on securities and class action litigation as well as corporate governance matters, are also recommended.
‘The firm is extremely responsive and has the bandwidth to give you very comprehensive support and guidance. It is clearly respected by counsel and judges.‘
‘The practice, including Morgan Whitworth, is exceedingly professional and able to speak effectively to leaders and employees at all levels of the organization. It is rare to find a firm with this much intellectual and legal firepower which also approaches ordinary folks with humility and respect for their work.‘
‘The firm is very responsive, providing excellent communication and high-quality work product. I particularly appreciate the team approach and the fact that all team members are strong contributors.‘
‘Partner Colleen Smith and counsel Kristin Murphy do an exceptional job of communicating and their responses to my questions, which are always timely and understandable.‘
‘The practice has a great mix of subject matter experts and trial attorneys who help position our matters for favorable resolutions. Having a deep bench to draw upon anywhere in the country is a big plus. A positive reception to constructive feedback and working efficiently are two other standout qualities.‘
‘Personable attorneys who are straight shooters like Andy Clubok and Colleen Smith make this group stand out. And the firm has experienced litigators who not only know the law but also their local bench well are great qualities. Elizabeth Deeley also stands out in that regard.‘
Chipotle Mexican Grill, Inc.
Booz Allen Hamilton
Philip Morris International, Inc.
Endo International plc
Morgan Stanley & Co. LLC
Goldman Sachs & Co. LLC
Citigroup Global Markets, Inc.
Credit Suisse Securities (USA) LLC
Barclays Capital, Inc.
Wells Fargo Securities, LLC
Merrill Lynch Pierce Fenner & Smith, Inc.
RBC Capital Markets LLC
UBS Securities LLC
KeyBanc Capital Markets, Inc.
William Blair & Company, LLC
Mischler Financial Group, Inc.
Samuel A. Ramirez & Company, Inc.
Siebert Cisneros Shank & Co., LLC
Williams Capital Group, L.P
Advanced Micro Devices, Inc. (AMD)
Ferrellgas Partners, L.P.
Nissan Motor Co., Ltd
- Represented Facebook, Inc. and its officers and directors in multiple federal and state courts in shareholder class actions and derivative lawsuits related to Facebook’s Initial Public Offering (“IPO”) and in connection with Facebook’s disclosure of issues relating to “video metrics.”
- Handled the ground-breaking defense of pharmaceutical company, Puma Biotechnology, in the first federal securities class action to reach a verdict in nearly 10 years.
- Representing Lyft in securities class action litigation pending in the Northern District of California and California state court involving alleged misrepresentations of Lyft’s market share, recently-acquired bicycle service, and labor and safety issues in connection with its high-profile initial public offering.
- Representing Apple in a high-stakes securities class action pending in the District of New Hampshire, in which plaintiffs allege that Apple is liable as a “control person” for the allegedly false and misleading statements of GT Advanced Technologies (“GTAT”), which was formerly one of Apple’s strategic suppliers.
- Defending General Electric Co. (GE) and certain of its officers and directors in multiple cases related to GE’s stock drop of approximately $150bn, which is among the largest in US history.
Paul, Weiss, Rifkind, Wharton & Garrison LLP
Paul, Weiss, Rifkind, Wharton & Garrison LLP is widely regarded by the market as a safe pair of hands for “bet-the-company” securities litigation, and the firm continues to deliver outstanding results for major financial institutions, private equity houses and corporations, as well as their directors and officers. The practice has extensive experience in complex securities litigation, including shareholder class actions, derivative suits and government investigations and enforcement actions. Securities litigation is one of the major strands in the firm's overall dispute resolution practice, and its recent successes include high-stakes matters for Blackstone Alternative Asset Management, Citigroup, Ericsson, Exxon Mobil Corporation and Tesla. The firm has an extremely strong bench of securities litigators in New York. Firm chair Brad Karp, Richard Rosen and Daniel Kramer are the best-known practitioners, though co-chair of securities litigation Susanna Buergel is increasingly seen as a market-leading securities litigator. Also noteworthy are Geoffrey Chepiga, and practice co-chairs Andrew Ehrlich and Audra Soloway.
Other key lawyers:
- Defending ADT, Inc., the country’s largest provider of monitored home security services, in parallel state and federal Section 11 cases in Florida, in which the plaintiffs allege that ADT omitted information from the registration statement it filed in connection with its IPO.
- Representing global biopharmaceutical company Alexion Pharmaceuticals in a putative securities class action., in which shareholders allege that Alexion and certain current and former employees made misrepresentations and omissions about Alexion’s major product, blood-disorder drug Soliris, over a three-year period.
- On behalf of The Blackstone Group, the firm successfully appealed an adverse decision in Kentucky state court in a ground-breaking derivative claim, in which participants in Kentucky’s public pension fund sued Blackstone’s alternative asset-management unit and other hedge funds, claiming that they unlawfully encouraged the pension fund to invest in inappropriately risky funds of hedge funds while the state fund’s financial condition was deteriorating
- Defending Citigroup and certain affiliates in a multi-district litigation filed in November 2015 in the Southern District of New York alleging that Citigroup and various other banks conspired in a group boycott to reduce competition in interest-rate swap trading, raising prices for purchasers of the swaps.
- Defending Swedish multinational telecommunications and networking company Ericsson and certain current and former senior executives in a putative securities class action filed in April 2018 by investors who bought certain Ericsson securities over a four-year period, following a stock price decline after Ericsson disclosed a series of disappointing financial results.
'The firm has few peers in the underwriter space in securities litigation', remarks a client of Shearman & Sterling LLP. Known for its securities litigation, investigation and enforcement capability, it has a deep bench of seasoned litigators who have acted in some of the most significant cases in recent history. Its track record has made it a “go-to” practice for complex, high profile and high-stakes matters in the pharmaceutical and financial institution space. Best known for advising investment banks as underwriters in securities class actions, it also represents corporations, boards of directors and special committees, and individuals from a diverse range of industry sectors. Viacom and CEMEX are among its corporate clients. Adam Hakki, who is 'an excellent lawyer who really pulls the whole group together' and Richard Schwed in New York, along with Patrick Robbins in San Francisco, lead the firm's litigation practice, in which New York-based Daniel Lewis, who has 'a measured style and communicates very clearly', and Lyle Roberts in Washington DC are among the other key partners. Agnès Dunogué is an up-and-coming partner in New York.
‘This team brings unique discipline to written client communications. Every email is concise, it states the essential context, poses the key question, flags the pros and cons, and makes a recommendation. The overall effect is to make my job easier and to instil confidence in the way the team is running the case.‘
‘Adam Hakki has encyclopaedic knowledge of securities law and current trends. He is able to share that knowledge in a concise, practical way.‘
‘Daniel Lewis has a measured style and communicates very clearly. He conveys a strong sense of being in control of a complex and dynamic matter.‘
‘Adam Hakki a good litigator, very solid and well regarded, especially by banks for underwriter work.’
‘Adam Hakki is an excellent lawyer, really pulls the whole group together’
‘The firm has few peers in the underwriter space in securities litigation.‘
Bank of America
- Represented the underwriters of various securities offerings by SunEdison and TerraForm Global, one of SunEdison’s “yieldcos,” in connection with multiple individual and class action lawsuits filed at the end of 2015 and 2016.
- Representing the underwriters (Credit Suisse, Morgan Stanley, Goldman Sachs, JP Morgan and Deutsche Bank and numerous others) of the Alibaba IPO in connection with securities class action litigation filed in early October.
- Successfully represented Nikko Asset Management, its former chief executive officer, Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc. in Stock Option Plan Litigation.
- Represented Orbital ATK and its executives and directors in a securities class action lawsuit alleging Orbital mislead investors over losses on a $2.3bn US Army ammunition deal.
- Achieved a major victory on behalf of our client Bank of America in a putative class action in the Southern District of New York, alleging billions of dollars in damages and treble damages, with the court dismissing with prejudice claims that Bank of America, Barclays, BNPP-Fortis, Standard Chartered, and UBS participated in an industry-wide conspiracy to manipulate the London Silver Fixing, and engage in episodic manipulation of silver spot markets and futures markets.
Simpson Thacher & Bartlett LLP continues to have a role in high-stakes securities matters and its recent work includes complex matters for high-profile corporate clients such as Valeant Pharmaceuticals, PharMerica, KKR Biomet and Best Buy, as well as leading underwriters such as UBS and Morgan Stanley. The firm also has a strong private equity client base in which the Blackstone Group features prominently. Clients appreciate the firm's strong trial capability and the breadth of its practice in both litigation and regulatory enforcement matters. Jonathan Youngwood and Paul Curnin in New York lead the practice, in which 26 partners handle securities litigation. Youngwood's work for SeaWorld in a 10b5 class action, Curnin's work for Valeant in federal securities cases and Palo Alto-based James Kreissman's work for Alibaba in IPO and SEC matters put the practice firmly in the top bracket for securities litigation. ‘Fantastic younger partner’ Craig Waldman and Janet Gochman in New York and Stephen Blake in Palo Alto are also making their mark in high-profile matters.
‘Counsel’s advise is timely and proactive. The solutions are practical and focused on outcomes. Communication, written or oral, is efficient and easy to interpret. We use Stephen Blake and the outcome, so far, is above expectations.‘
Bausch Healthcare (f/k/a Valeant Pharmaceuticals)
The Blackstone Group, LP
Deustche Bank AG
J.P. Morgan Chase & Co.
Kohlberg Kravis Roberts & Co.
La Quinta Holdings, Inc.
Micron Technology, Inc.
Morgan Stanley & Co. Inc.
The Toronto-Dominion Bank
UBS Group AG
- Representing pharmaceutical giant Valeant Pharmaceuticals (n/k/a Bausch Health Companies) and certain current and former directors and officers in a massive, multibillion-dollar securities class action, related securities actions and a related RICO class action.
- Represented Micron Technology, Inc. in connection with purported securities class actions filed on behalf of investors in Micron common stock that alleges the company failed to disclose to investors that it was purportedly engaged in a price-fixing conspiracy with Samsung Electronics and SK Hynix.
- Representing Pacific Alternative Asset Management Co. and Prisma Capital Partners and their former CEOs in high-profile litigation arising out of the Kentucky public pension crisis, in which plaintiffs allege that KRS Trustees, investment and pension advisors to KRS, and various investment management firms breached their fiduciary duties by investing pension funds assets in “unsuitable” fund-of-funds investments.
- Representing current and former outside directors of Pacific Gas and Electric in multiple securities and shareholder derivative lawsuits arising from the recent wildfires in California.
- Representing the board of a Fortune 50 company in response to shareholder demand letters alleging that the company’s disclosures failed to accurately account for the effects of certain risks to its business associated with climate change.
Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom LLP is 'a very solid firm that does a great volume of work in this area’. Over the years, the firm has served as defense counsel in more securities class actions than any other. Over the last three years, it has secured more federal securities litigation wins for defendants and resolved more federal securities cases as defense counsel than any other firm. It is, therefore, a key player in high-stakes securities litigation for financial institutions, start-up technology companies, biopharmaceutical firms and some of the largest Fortune 100 corporations. Head of the national securities litigation practice Jay Kasner in New York is 'very highly thought of and should be in the hall of fame for securities litigation', according to one market source. Also in New York, deputy practice heads Scott Musoff and Susan Saltzstein are also highly respected. The firm now has stronger capability in its Houston with the arrival of Kenneth Held from Thompson & Knight LLP. Alisha Nanda in Boston is now a partner.
‘It is a very solid firm that does a great volume of work in this area.’
‘Jay Kasner should be in the hall of fame for securities litigation.‘
‘Jay Kasner is very highly thought of in the market.‘
- Defended two of BlackRock Inc.’s subsidiaries in one of the largest mutual fund cases ever brought, in which shareholders brought claims on behalf of all investors in two BlackRock mutual funds alleging that the funds paid BlackRock excessive compensation for its services as the investment manager to the funds.
- Successfully defended against appeal of the dismissal of securities fraud claims brought against Express Scripts Holding Company, the largest pharmacy benefits manager in the US, and certain of its executives, arising out of a dispute between the company and its largest client, Anthem Inc., and also successfully opposed the plaintiff’s attempt to lift the Private Securities Litigation Reform Act stay of discovery in the district court.
- Represented Foot Locker, Inc. in securing the dismissal of a federal securities class action lawsuit, in which plaintiffs alleged that Foot Locker and certain of its officers had made false and misleading statements regarding supposed adverse changes in its vendor relationships, particularly in light of alleged increased competition from the vendors through direct-to-consumer initiatives.
- On behalf of a syndicate of underwriters of Barclays Bank securitie, the firm secured a complete affirmance by the US Court of Appeals for the Second Circuit of the district court’s grant of summary judgment in a class action alleging violations of Section 11 of the Securities Act relating to a $2.5bn public offering of preferred Barclays American depositary shares.
- Representing Canadian Imperial Bank of Commerce (CIBC) in breach of contract litigation alleging hundreds of millions of dollars in damages brought by an affiliate fund of Cerberus Capital Management claiming CIBC failed to make required payments under two separate agreements that reference a portfolio of CIBC’s structured assets, including certain synthetic assets.
'It is the best for complex, critical matters, with deep experience and a sizeable team', says a client of Weil, Gotshal & Manges LLP. Another notes that the firm is 'creative and focused on outcomes that make sense and can be achieved'. The practice handles the full range of matters from investigations and enforcement actions through to litigation and corporate governance matters for financial institutions, large corporates and private equity firms. The firm is called upon to handle securities fraud class actions in federal courts around the country, including cases for Sanofi, Campbell Soup Company and Signet Jewelers. It is also one of the few firms to have taken a securities fraud class action to trial through to a jury verdict. Joseph Allerhand, who 'has a wealth of experience and he is a seasoned litigator' and John Neuwirth in New York co-lead the 12-partner securities litigation practice. ‘Extremely smart and talented’ partner Caroline Zalka has emerged as a key player in prominent cases, including high-value 10b5 class actions. Also pivotal to the practice are partners Stacy Nettleton, Joshua Amsel and Evert Christensen.
‘The firm has deep experience and a sizeable team that allows staffing at appropriate levels – newer associates, senior associates, junior partners and senior partners – for the work at hand. It has excellent familiarity with the judges in the district as well as the plaintiffs’ bar, and the ability to reach across practice areas as needed to obtain expertise that’s relevant to the issue. It is the best for complex, critical matters.‘
‘Joseph Allerhand has a wealth of experience and he is a seasoned litigator who builds great camaraderie within the team. Stacy Nettleton is experienced, efficient, extremely strategic and tough. Both are extremely responsive and collaborative and they are always results-oriented and pragmatic.‘
‘My Weil team is creative and focused on outcomes that make sense and can be achieved. I have found them to be more cognisant of the need for and the ways to settle than others.‘
Jonathan Polkes understands how to handle a mediation and how to structure and reach a settlement. I would say the same for Caroline Zalka
Campbell Soup Company
Brookfield Asset Management
Willis Towers Watson
Walgreens Boots Alliance
Ollies Bargain Outlet Holdings
- Represented Sanofi in connection with federal class and individual securities actions brought by CVR holders arising out of the companies’ statements regarding the results of Phase 3 clinical trials for a multiple sclerosis (MS) drug, Lemtrada, and its prospects for FDA approval.
- Secured a dismissal for Morgan Stanley in a long-running, $4bn dispute arising out of the 2007 Tribune Co. leveraged buy-out (LBO) and Tribune’s subsequent bankruptcy.
- Representing Campbell Soup, its former CEO and current CFO in a securities class action in US District Court in the District of New Jersey alleging that the defendants made false or misleading statements regarding the Company’s financial outlook.
- Retained by AMC Entertainment Holdings, Inc., a nationwide operator of movie theatres, its senior management and its board of directors in two federal securities class action cases regarding disclosures contained in a registration statement and other public filings concerning several AMC acquisitions.
- Represents Pilgrim’s Pride, the second-largest poultry producer in the U.S., and its current and former CEO and CFO, in a securities class action related to an alleged industry-wide antitrust conspiracy to fix poultry prices.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton maintains a strong bench of talented lawyers despite the loss of key partners Meredith Kotler, who moved to Freshfields Bruckhaus Deringer LLP, and Lewis Liman who became a federal court judge. The firm has kept up its track record of significant successes, which includes winning motions to dismiss in all of its cases bar one in last three years, and it has a high volume of new cases on its docket. It has won numerous victories for public company boards of directors and officers, investment banks, domestic and foreign issuers of securities, private equity firms and hedge funds in traditional 10b5 class actions and derivative cases. The 'smart, polite and client-oriented' Roger Cooper leads the group, which includes ten former federal prosecutors with a combined 50 years of experience serving in the US Attorney’s Office. Jared Gerber, who had success in major cases for Petrobras, and experienced trial lawyer Victor Hou play key roles in the practice.
‘Cleary’s practice demonstrates professionalism and responsiveness in the highest degree, which in-house GCs would value.‘
‘I have been working alongside Roger Cooper who was, and still is, an excellent and smart attorney, very polite and client-oriented.‘
‘The team is skilled and draws in its work on experience in some significant litigation cases. They are very responsive and their advice is thoughtful and creative.‘
‘Roger Cooper brings in a lot of experience and always presents a clear but balanced view.‘
‘Lina Bensman is very knowledgeable and shows great commitment. It is a great pleasure to work with her. She is strong in presenting her arguments.‘
National Amusements, Inc. and NAI Entertainment Holdings LLC and Shari and Sumner Redstone
D.B.S. Satellite Services Ltd
OPKO Health, Inc.
Three NAI-Affiliated directors of CBS
International Flavors & Fragrances, Inc.
- Representing Petrobras, PGF and certain current and former Petrobras executives in the landmark securities fraud litigation in the US District Court for the Southern District of New York, which at one point included a class action as well as more than 35 separate individual opt-out actions brought by more than 400 investors in Petrobras ADSs and bonds.
- Successfully represented trivago, N.V. in obtaining the complete dismissal with prejudice of a putative securities fraud class action in the Southern District of New York, alleging that trivago failed to disclose the existence of a change to its search algorithm and its impact on revenue.
- Successfully represented D.B.S. Satellite Services (1998) Ltd. and certain of its officers in a putative securities fraud class action arising from a related-party transaction through which the company became a fully-owned subsidiary of Bezeq the Israeli Telecommunication Corp. Ltd.
- Representing Shari Redstone and two other National Amusements-affiliated CBS Directors, David Andelman and Robert Klieger, in a putative securities class action that alleges that the defendants knew or should have known about alleged sexual misconduct by former CEO Leslie Moonves.
- Representing OPKO Health, Inc. in a number of securities class actions and shareholder derivative actions, as well as a settled SEC enforcement action, concerning an alleged pump-and-dump scheme involving investments made by the company, its CEO, and certain other entities and individuals.
'It has great quality of litigators in its securities litigation practice', says a client of Debevoise & Plimpton LLP in New York. The firm handles a broad palette of work incluing federal securities class action litigation, state court M&A and fiduciary duty disputes, multi-jurisdictional and multi-disciplinary matters, and cases in which civil litigation, federal and state enforcement actions and others legislative inquiries overlap. A core strength of the firm is its outstanding capability in federal and state enforcement actions, in which former chair of the SEC Mary Jo White takes the lead. This practice works closely with the securities litigation group, which is led by Andrew Ceresney, a former Director of Enforcement at the SEC, and standout partner Maeve O’Connor. The firm's insurance regulatory practice gives it a lead role in high-profile securities disputes for clients such as MetLife and Prudential Financial. The firm also acts for large corporates in other industry sectors, as well as for their boards of directors and special board committees.
Other key lawyers:
‘The firm has great quality of litigators in its securities litigation practice.’
‘Maeve O’Connor and Elliot Greenfield are excellent.‘
‘I worked closely with Debevoise on high-stakes securities matters and was extremely pleased with their work. They are the smartest lawyers I have worked with. They think strategically, while at the same time keeping value in mind.‘
‘I worked closely with Maeve O’Connor and Elliot Greenfield. They are both incredibly smart and able to digest the most complicated and sophisticated issues faster than anyone else I have ever worked with. Maeve’s intellect and presence make her a formidable opponent to plaintiffs’ lawyers. Maeve is also able to identify risks that could affect public companies outside of her specific expertise. Her knowledge and experience in the insurance industry provides additional value.‘
‘Perhaps given his quantitative background, which is unique to attorneys, Elliot Greenfield is able to understand complex damages analyses at a depth that other attorneys are not. Equally important, is his ability to break down and communicate these complicated analyses into simpler terms, conveying only the necessary information and ideas.‘
Prudential Financial, Inc.
Capital One Financial Corp.
JP Morgan & Chase, Inc.
Winged Foot Golf Club and the Board of Directors of the Winged Foot Holding Corporation
Tribune Media Company
Providence Equity Partners
Federal Reserve Bank of New York
Ripple Labs, Inc.
Barrick Gold Corporation
NRG Yield, Inc. (Clearway Energy, Inc.)
Elyse Douglas, former Chief Financial Officer of Hertz Global Holdings, Inc.
Clayton, Dubilier & Rice LLC and Culligan Ltd.
Pictet et Cie
J&T Banka, A.S. and Postova Banka, A.S.
- Representing MetLife, Inc. and certain of MetLife’s present and former officers and directors in connection with a putative shareholder class-action lawsuit pending in the Southern District of New York challenging MetLife’s practices with regard to payment of death benefits and escheatment of unclaimed death benefits.
- Represent MetLife, Inc. and certain of MetLife’s present and former officers in connection with a putative shareholder class-action lawsuit pending in Eastern District of New York asserting claims under the Exchange Act based on allegations that MetLife’s practices and procedures used to estimate its reserves for group annuity payments were inadequate, and that MetLife had inadequate internal controls over financial reporting.
- Represented Clayton, Dubilier & Rice, LLC, four CD&R-sponsored funds, and the general partner of those funds in connection with a putative securities class action lawsuit, recently securing the successful dismissal of all claims relatng to the CD&R funds’ sale of more than $4bn of stock in Envision Healthcare Corporation, which CD&R took public in August 2013, in a series of public offerings in 2014 and 2015.
- Representing Barrick Gold Corporation and several of its current and former officers in a purported federal securities class action alleging that defendants made false and misleading statements concerning production estimates and environmental risks related to cyanide incidents at Barrick’s Veladero mine.
- Represents NRG Yield, Inc., a holding company that owns renewable and conventional energy facilities in fifteen states, and certain of its current and former officers and directors in a putative securities class action alleging violations of the securities laws in connection with a public offering of securities in 2015.
The trials, investigations and securities practice at Dechert LLP is 'very professional and responsive' and clients note that is 'projects confidence in its ability to do the work efficiently and effectively'. The firm has a large corporate client base in the finance sector that includes many funds, so it has a prominent role in mutual fund litigation. Its regulatory enforcement practice has also emerged as one of the largest and most diverse in the US. The 'very highly thought of and very candid' David Kistenbroker, who works in the New York and Chicago offices, and New York-based David Kelley lead the practice, which represents companies and their officers and directors in securities litigation class actions, shareholder derivative suits, mutual fund litigation, M&A litigation, banking and financial institution litigation, broker-dealer disputes, internal investigations and SEC and other regulatory proceedings. Joni Jacobsen in Chicago, Michael Kichline in Philadelphia and, in New York, Andrew Levander and global litigation head Matthew Larrabee are recommended.
‘They were willing to put a cap on fees through the motion to dismiss phase which we thought projected confidence in their ability to do the work efficiently and effectively.‘
‘The firm is very professional and responsive.‘
‘David Kistenbroker is very highly thought of and very candid.‘
‘David Kelley has an exceptionally strong eye for detail that has been a benefit to our company. He also has an exceptional demeanor and ability to focus. He is bright and quick while providing strategic guidance and valuable training. He is an extremely talented attorney who cares a great deal about our business.’
Antares Pharma, Inc.
Molson Coors Brewing Company
Former CFO Ronald Winowiecki of Perrigo Co. plc.
Talmer Bancorp, Inc.
Intelligent Systems Corporation
Mallinckrodt Public Limited Company
Swisher Hygiene Inc.
Former CFO Greg Rush of Syneos Health
Walters Investment Management Corp.
Higher One Holdings, Inc.
PPG Industries, Inc. and its CEO Michael H. McGarry and CFO Vincent J. Morales
Qihoo 360 Technology Co. Ltd. and director Eric Chen
Security Investors LLC
Calamos Advisors LLC
Prudential Investments LLC
Independent Trustees of funds advised by Pacific Investment Management Company LLC
Harbor Capital Advisors Inc.
New York Life Investment Management LLC
Metropolitan West Asset Management LLC
Zynerba Pharmaceuticals, Inc.
- Represented Antares Pharma Inc. in multiple matters including against a 10b5 class action complaint and derivative suits alleging that defendants provided insufficient information to the FDA in support of the Xyosted NDA and subsequently overstated Xyosted’s approval prospects in statements to investors, rendering the Company’s public statements false and misleading.
- Represented Molson Coors Brewing Company, and its CEO and CFO in securities class action suits filed in the District of Colorado and in derivative actions alleging the defendants made false and misleading statements or omissions regarding the company’s restatement of consolidated financial statements for the years ended December 31, 2016 and December 31, 2017.
- Represented LSB Industries, Inc. and current and former officers in consolidated securities class action asserting that defendants made material misstatements and omissions about delays and cost overruns at the Company’s El Dorado manufacturing facility.
- Representing the former CFO of Perrigo Company plc, a leading over-the-counter pharmaceutical manufacturer, in a securities class action alleging that that defendants disclosed information about an audit conducted by the Irish tax authorities and a preliminary audit finding letter received from Irish tax authorities, but failed to disclose enough material information about its tax liability exposure.
- Representing Intelligent systems and certain current and former officers and directors in securities class action suit alleging, among other things, that certain of the Company’s press releases and SEC filings were misleading as a result of the failure to disclose alleged related party transactions affecting revenue recognition and the absence of disclosure regarding certain allegations against director Parker H. Petit in connection with his former position with MiMedx, Inc.
Having been a powerhouse in securities litigation for ten years, Fried, Frank, Harris, Shriver & Jacobson LLP's presence in the market declined but for the last three years it has seen a resurgence in activity. This has led to its work in high-profile class actions, opt-out cases and derivative suits cases for large corporates such as Perrigo and Under Armour. Currently involved in ten stockdrop cases, the firm acts almost exclusively for corporate issuers and their boards, though it is known to be active for financial institutions and special committees. Global chair of litigation James Wareham in Washington DC oversees the securities and shareholder litigation practice, in which 'great litigator' Scott Luftglass in New York stands out. The New York office is also home to experienced litigators Peter Simmons and Israel David, as well as up-and-coming partner Samuel Groner.
‘Scott Luftglass is an excellent human being and a great litigator.‘
Perrigo Company plc
Sinclair Broadcast Group
Evoqua Water Technologies
Four members of the Board of Directors of Xerox Corporation
Board of Directors of Bob Evans Farms
Navios Maritime Holdings
Seritage Growth Properties
- Obtained a dismissal with prejudice for Under Armour and members of its Board of Directors in connection with a consolidated securities class action alleging, among other things, that the company concealed the fact that it was experiencing a host of sales problems caused by supposedly declining “brand heat” and consumer demand for its products.
- Representing Under Armour and several members of the Company’s Board of Directors in stockholder derivative litigation asserting breach of fiduciary duty claims based on alleged material misstatements regarding the Company’s performance and future prospects between September 2015 and January 2017.
- Representing Perrigo Company plc in a securities class action lawsuit in US District Court for the District of New Jersey, in which plaintiffs allege that the company and 11 current and former directors and officers of Perrigo inflated the company’s share price.
- Representing Perrigo Company plc in multiple class action opt-out cases filed in the US District Courts for the District of New Jersey and the District of Massachusetts involving allegations that the company inflated its share price.
- Representing Perrigo Company plc in a securities class action litigation in the United States District Court for the Southern District of New York in connection with Irish tax officials’ audit of a 2013 intellectual property sale.
Strong across the board in all types of traditional securities litigation, investigations and enforcement matters, Goodwin has developed a prominent position in niche areas of the market. It is a leading firm for the defense of financial institutions in excessive fees cases and as underwriters of initial public offerings and capital markets transactions in class action and mortgage-backed securities-related litigation. It is also much sought after by corporates and individuals in the blockchain and digital currency industry to handle SEC investigations and enforcement actions, and class action litigation. It is also highly regarded for its work in cases involving companies in the life sciences, biotechnology and pharmaceuticals industries. It also has extensive expertise in the technology, real estate and financial services sectors. Anthony Fiotto in Boston and Brian Pastuszenski in New York lead the firm's litigation department in which Boston-based Deborah Birnbach is a standout practitioner in class action defense and regulatory investigations. In New York Douglas Flaum, who joined from Paul Hastings LLP, and Marshall Fishman are experts in financial services litigation.
Celadon Group, Inc.
Great Hill Partners
Hasbro, Inc., Special Committee of the Board of Directors
JPMorgan Investment Management
PNMAC Financial Services, Inc. (“PennyMac”)
Stumpf, John (Former Chairman & CEO of Wells Fargo Bank)
Teva Pharmaceuticals, Inc.
- Representing Nomura Securities International, Inc. and certain affiliates in a securities action in Massachusetts state court brought by the Federal Home Loan Bank of Boston, in which the plaintiff sued more than 70 defendants in connection with more than 100 offerings of mortgage-backed securities.
- Represented John Stumpf, the former Chairman & Chief Executive Officer of Wells Fargo, in litigation and investigations arising from the September 2016 announcement that Wells Fargo agreed to pay $185m to the Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), and City of Los Angeles, to settle allegations that it opened unauthorized accounts and issued unauthorized products for customers.
- Defending JP Morgan Investment Management, Inc. in two consolidated shareholder derivative lawsuits filed in federal court in the Southern District of Ohio alleging that JPMIM breached its fiduciary duties in violation of Section 36(b) by charging eight multibillion-dollar bond and equity funds over $900m in “excessive” management fees.
- Achieved a significant victory on behalf of Citibank in the United States Court of Appeals for the Second Circuit in a case brought by foreign traders in FX who claimed that Citibank fraudulently charged undisclosed mark-ups on billions of dollars notional traded in FX.
- Representing the syndicate of investment banks (led by Merrill Lynch and Goldman Sachs) that underwrote a $700m debt offering of Pitney Bowes, Inc., a global technology company that provides mailing, shipping, and cross-border e-commerce products; the plaintiff sued Pitney Bowes, its officers and directors, and the underwriters of its debt offering in Connecticut state court, alleging that the offering documents for the debt offering violated the Securities Act of 1933.
The securities and shareholder litigation practice at Greenberg Traurig LLP is truly national in scope. It is led by Brad Kaufman and Tracy Gerber in West Palm Beach, William Briendel in Westchester County, Robert Horowitz in New York and Daniel Tyukody in Los Angeles. 'The partners have extensive experience and take the time to explain the nuances and confusing aspects of the case and proceedings', remarks one client. The firm's presence in offices across the US sees it act in numerous cases arising from IPOs or secondary public offerings, which can now be filed in both state and federal court. The firm is busy with both securities class actions, derivative cases and regulatory enforcement matters. It remains one of the few firms to have tried a securities class action to a successful defense verdict. It also continues to be regarded as one of the leading practices for the defense of broker-dealers in securities and financial services litigation.
‘The partners have extensive experience in addressing the case, having been former prosecutors and anticipating the issues that arise in the course of the proceedings.
‘Partners take the time to explain the nuances and confusing aspects of the case and proceedings. They work collaboratively with me, the client, and take my opinions and concerns into account when providing advice or guidance. These traits have been exhibited by all of the partners on the case, Dan Filor, Greg Kehoe and Bob Horowitz.
Helios & Matheson Analytics, Inc. (MoviePass)
Allegiant Travel Company
Zovio Inc (formerly, Bridgepoint Education)
LeEco Global Group, Ltd. (“LeEco”)
Plan Administrator of Cobalt International Energy, Inc.
US Virgin Island Properties, LLC
Lighting Science Group Corporation
MEDNAX, Inc. (“MEDNAX”) and two of its officers
Roadrunner Transportation Systems, Inc.
The Stars Group (f/k/a Amaya Inc.)
Notorious Wines, Inc.
Nesa Solutions, Inc. vs. Omnia ME B.V
Barry-Wehmiller Group, Inc.
- Representation of Roger Jenkins, Barclays’ former chairman of investment banking for the Middle East, who along with three other former Barclays senior executives and the bank, have been charged by the UK’s Serious Fraud Office with conspiracy to commit fraud by false representation in relation to fundraising in 2008 from Qatar.
- Representing Helios & Matheson Analytics, Inc. (MoviePass) and its directors and officers in both a Rule 10b5 securities class action filed in federal court in the Southern District of New York and “tag-along” derivative cases.
- Representing Allegiant Travel Company, the parent company of Allegiant Airlines, and its directors and officers in both a Rule 10b5 securities class action and two “tag-along” derivative cases arising from a CBS “60 Minutes” broadcast which referenced “an alarming number of aborted takeoffs, cabin pressure loss, emergency descents, and unscheduled landings”.
- Defended Bridgepoint Education, Inc. (recently renamed Zovio Inc) and its officers and directors in a securities class action and two related state court derivative cases arising from allegations that the defendants intentionally manipulated Bridgepoint’s accounting in violation of Generally Accepted Accounting Principles (GAAP).
- Represented Zovio in Stein v. Bridgepoint Education, Inc., in which plaintiffs allege a variety of accounting improprieties.
'The team is incredibly responsive and very sensitive to business realities', says a client of Jones Day. The firm mainly acts for US corporates, though it also handles securities litigation for financial institutions. A key strength of the firm is its network of offices across the country, in many of which securities litigation is a core skill set. Scott Fletcher in Houston and Henry Klehm in New York lead the practice, in which Cleveland-based Geoffrey Ritts is a key partner. One peer remarks that Ritts is 'a fantastic securities lawyer, as smart a guy as I have ever worked with’, and he has handled cases across the US in jurisdictions such as New York, Ohio, Florida and Illinois. Mike McConnell in Atlanta is also recommended. Many lawyers in the practice have experience at the SEC, DOJ or CFTC, and their regulatory background complements the firm's skills in securities class actions and other private shareholder litigation.
‘The team is incredibly responsive, especially in light of shifting requests. The team is also very sensitive to business realities and respectful of executives’ time.‘
‘John Tang is a phenomenal lawyer who translates complex legal concepts into practical legal and business guidance.‘
‘Geoff Ritts in Cleveland is a fantastic securities lawyer, as smart a guy as I have ever worked with.’
United States Steel Corp.
Goodyear Tire & Rubber Co.
Conagra Brands, Inc.
Diebold Nixdorf, Inc.
Roper Technologies, Inc.
- Defending a class action and a derivative lawsuit, in which plaintiffs alleged the directors of Erie Indemnity Co (Indemnity) breached fiduciary duties by causing Indemnity to collect excessive fees for managing the Erie Insurance Exchange, a reciprocal insurance exchange controlled by Indemnity.
Kirkland & Ellis LLP has a vast corporate client base, as well as strong relationships with accountants and private equity firms, which generate a high volume of high-stakes securities litigation and regulatory enforcement work. Frequently active for corporate issuers in 10b5 class actions and derivative suits, the firm is able to parallel actions brought by the SEC or other federal and state regulators that may be concurrent with private litigation and often involve allegations of false or misleading disclosures to shareholders, insider trading and other types of financial misconduct. It is active in many fora across the US from its offices in New York, Chicago, Houston, Los Angeles and Washington DC. The practice is led by Sandra Goldstein in New York, who has a 30-year track record of success in both M&A and securities litigation, and Mark Filip in Chicago, who handles both regulatory enforcement matters and litigation. Joshua Rabinovitz in Washington DC is also recommended for securities and other financial litigation.
Other key lawyers:
Bristol-Myers Squibb Company
Sanderson Farms, Inc.
Micro Focus International
The Boeing Company
- Representing private equity firm 3G Capital, one of Kraft Heinz’s largest shareholders, in putative securities class actions and related shareholder derivative actions alleging violations of federal securities laws and breach of fiduciary duty related to the $15.4bn write-down of Kraft Heinz’s assets and the disclosure of an investigation by the US Securities and Exchange Commission into Kraft Heinz’s accounting policies, procedures and controls.
- Representing The Boeing Company and its directors in putative securities class actions arising out of the October 2018 Lion Air Flight crash into the Java Sea and the March 2019 Ethiopian Flight crash minutes after takeoff; it was reported that there were similarities in the two crashes and that the common factor in both crashes was the Maneuvering Characteristics Augmentation System (MCAS).
- Achieved a decisive victory in connection with a series of shareholder derivative lawsuits filed against the directors and officers of longstanding client Bristol-Myers Squibb (BMS), arising from a settlement with the SEC relating to alleged Foreign Corrupt Practices Act (FCPA) violations.
- Represents Honeywell International and certain current and former officers and directors in several matters arising out of Honeywell’s accounting for asbestos-related liabilities, including a securities class action and a derivative lawsuit filed by shareholders in federal courts in New Jersey and Delaware.
- The Connecticut Superior Court granted in full Pitney Bowes and its directors’ motion to dismiss a federal securities case brought in that state court in August 2018 against Pitney Bowes, noting that the defendants had no duty to disclose supposed challenges facing the company when it issued $700m in debt in 2017.
The New York office of Milbank has a deep bench of lawyers who handle complex disputes for underwriters, issuers, banks, broker-dealers, investment advisers, accounting firms and individuals. The firm also represent some of the country's leading mutual fund advisers. Frequently retained in high-stakes multi-jurisdictional litigation, it has led the defense in some of the largest securities class actions in the US. Over the years, it has successfully defended investment advisers in more than 100 major securities class actions and derivative suits, and has tried and won six of the nine excessive fee actions brought under Section 36(b) of the 1940 Act. Global head of litigation and arbitration George Canellos, litigation and arbitration group leader Daniel Perry and firm chair Scott Edelman are the most prominent practitioners, though Sean Murphy is highly regarded for defending companies and financial institutions in multi-jurisdictional class actions and derivative litigation. The team is backed by one of the broker-dealer regulatory teams and an exceptionally strong white-collar crime and SEC enforcement practice.
American Renal Associates
- Representing VEREIT in ongoing investigations by the US Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission, and in a consolidated class action alleging misstatements contained in prior financial statements by the company.
- Represented Renaud Laplanche, former CEO of LendingClub Corp., in securities class actions and derivative actions filed in federal and state court against LendingClub and current and former LendingClub officers, directors, and underwriters; most of the actions have been settled or dismissed.
- Achieved a significant victory before the United States Court of Appeals for the Ninth Circuit on behalf of Primero Mining Corp. in a putative securities class action brought by investors related to the Canadian company’s disclosures regarding its Mexican subsidiary Primero Empresa Minera.
- Representing Sociedad Quimica y Minera de Chile S.A. (SQM), the world’s largest producer of specialty fertilizers and iodine, in a consolidated securities class action pending in the US District Court for the Southern District of New York, in which plaintiffs allege that SQM’s former CEO made illicit payments to Chilean political figures over a six-year time period.
- Representing Citigroup, Inc., Citibank, N.A., and Citigroup Global Capital Markets Inc. in a class action in which plaintiffs, holders and beneficial owners of American Depositary Receipts for which Citibank, N.A. served as the depositary bank, allege that Citibank charged impermissible fees when converting dividends and other payments associated with the ADRs from foreign currencies into US Dollars.
'The firm provides exceptional customer service and creative, winning legal arguments', notes a client of Morgan, Lewis & Bockius LLP. The firm has a busy practice in both regulatory enforcement and litigation, notably in issuer-based class actions. It also handles matters for the world’s major broker-dealers, investment managers and registered and unregistered funds. The practice led by Timothy Burke, who works from both Boston and New York, Susan Resley in San Francisco and Jordan Hershman in Boston defends a broad array of public and private companies, financial institutions, underwriters, and officers and directors in US federal and state courts. Younger partner Laura Hughes McNally in Philadelphia and Charlene Shimada in San Francisco, who has more than 30 years' experience, among the firm's highly skilled practitioners. ''The lawyers listen well to clients and understand their needs', remarks a client.
Other key lawyers:
‘The firm provides exceptional customer service and creative, winning legal arguments. The attention to detail is outstanding and there are good cost control measures in place.‘
‘The lawyers listen well to clients and understand their needs.‘
Teva Pharmaceuticals International, Inc.
GT Advanced Technology
Tempur Sealy International, Inc.
Synchronoss Technologies, Inc.
Hewlett-Packard Co. and Hewlett Packard Enterprise
Merck & Co.
- Obtained a motion to dismiss all claims asserted against Synchronoss Technologies, Inc. and senior executive individual defendants in a consolidated securities class action alleging that Synchronoss artificially inflated its stock price from October 2015 to April 2017 by making misrepresentations and omissions concerning, inter alia, the performance of its cloud computing business.
- Obtained the grant of a motion to dismiss, with prejudice, in a securities fraud class action against Tempur Sealy, and its CEO and CFO, alleging that Tempur and the individual defendants concealed from the market the risk that Tempur would terminate its relationship with its largest customer, Mattress Firm, by making false and misleading statements and omissions.
- Successfully represented Freddie Mac throughout the financial crisis, following the collapse of the US home mortgage market.
- Currently defending Casa Systems, Inc. and its current and former officers and directors against securities class action claims arising from the company’s initial public offering and secondary offering.
- Secured a dismissal with prejudice of a securities class action against our clients General Cable Corp. and its former CEO and CFO in a case arising from a 2016 non-prosecution agreement between General Cable and the US Department of Justice and a cease-and-desist order entered by the US Securities and Exchange Commission to settle alleged Foreign Corrupt Practices Act violations in Angola and elsewhere.
O'Melveny & Myers LLP has 'a great practice' in securities litigation, according to market sources. The firm continues to defend underwriters, corporations, and directors and officers in Securities Act and Exchange Act class actions, institutional investor suits, proxy challenges, derivative lawsuits, customer disputes and Antiterrorism Act private suits. It has a particularly strong record in defending leading global financial institutions in securities disputes. It has, for example, achieved precedent-setting victories for clients such as Toronto Dominion Bank, Ocwen Financial Corporation and Apollo Global Management. One niche in which it is a leading player is the representation of Chinese companies listed in the US in securities class actions in US courts, and it has a dedicated task force for that work. In New York, practice head Jonathan Rosenberg and former chair of litigation Bradley Butwin are recommended. On the West Coast, Matthew Close, William Pao and seasoned litigator Seth Aronson in Los Angeles are among the key practitioners.
‘The firm has a great practice in this area‘.
Apollo Global Management, LLC
Colony Capital, Inc.
J.P. Morgan Chase & Co.
Ocwen Financial Corporation
Pactera Technology International
Skechers USA, Inc.
Toronto Dominion Bank
Veeco Instruments Inc.
Wells Fargo Bank, N.A.
- Represented Apollo Global Management and various affiliates and employees in a New York Supreme Court action brought by the Harbinger hedge funds in which Harbinger sought US$1.9bn in damages, alleging that Apollo knew (but did not disclose to Harbinger or the market) that SkyTerra’s technology interfered with GPS transmissions and it could not, therefore, create a a cutting-edge, new mobile Wi-Fi network.
- Represented Apollo Global Management and various affiliates and employees in connection with two litigation matters concerning Apollo’s ownership of CORE Entertainment, Inc., the entertainment-content company behind popular TV series, such as American Idol and So You Think You Can Dance, after CORE borrowed $360m million in 2011 but defaulted on its loan.
- Successful defenses of underwriters in cases across the country have cemented drawn work defending underwriting syndicates in securities class actions stemming from IPOs and secondary offerings, including claims against a Morgan Stanley-led underwriting syndicate alleging misrepresentations and omissions in the offering materials for the 2017 initial public offering of Qudian, Inc.
- Acting for JPMorgan Chase in a False Claims Act qui tam suit concerning Chase’s participation in the US Treasury Department’s Home Affordable Modification Program (“HAMP”).
- Secured a victory for clients Deutsche Bank, JPMorgan, Merrill Lynch and Morgan Stanley in a dispute over the scope of discovery available under 28 U.S.C. § 1782, which generally allows third-party discovery “in aid” of a foreign proceeding; the case concerns the banks’ role as underwriters of the IPO of Tencent Music (China’s largest music streaming service).
Orrick, Herrington & Sutcliffe LLP 'has some of the top attorneys in this field in many locations', remarks a client who notes that the firm is 'particularly formidable on the West Coast'. The firm has a nationwide practice that counts Apple, Johnson & Johnson and PayPal among its clients. Whether acting for Fortune 500 or smaller companies, the firm features strongly in both regulatory enforcement actions and investigations, and securities litigation. Robert Stern in Washington DC and Walter Brown in San Francisco lead the practice. In San Francisco, experienced partner James Kramer, along with younger partners Alex Talarides and Amy Scott who are making a big impression in the practice, are recommended. So, too, is Michael Tu in Los Angeles. In DC, Kenneth Herzinger, who handles both SEC enforcement matters and litigation, and Robert Morvillo are the lead partners. The 'highly creative and brilliant attorney' Daniel Dunne in Seattle also stands out.
Other key lawyers:
‘Orrick has some of the top attorneys in this field in many locations. They are particularly formidable on the West Coast, with excellent lawyers based in San Francisco and Seattle.‘
‘Walt Brown in San Francisco is perhaps more of a white-collar lawyer, but he has worked on securities litigation matters and would be one of the best in the country for defending an SEC enforcement action. Paul Rugani in Seattle is an overall great lawyer with excellent judgment. Dan Dunne in Seattle is a highly creative and brilliant attorney.‘
‘This is a well-regarded force in securities litigation defense. Building from their San Francisco base, they have developed a national presence with particularly strong offices in New York and Washington. Their more recent acquisition of an SEC defense firm has added considerable substance to their offering.‘
‘Rich Morvillo is a major player in the SEC defense bar. Dan Nathan stands out for his senior experience at three regulators – the SEC, the CFTC, and FINRA.‘
‘The firm has in-depth legal knowledge and all round capabilities. It provides attentive and prompt service, and is very responsive and thorough. It has good knowledge of the subject area and its effective negotiators are very good at dealing with regulators.‘
‘Walt Brown and Ken Herzinger are very effective and knowledgeable. They are pensive yet aggressive when they have to be in their dealings with the government.‘
Johnson & Johnson
McKesson Board of Directors
PayPal Holdings, Inc.
Travis Kalanick (Former CEO of Uber)
Sumner M. Redstone (Former Chairman, CEO and
current Controlling Shareholder of Viacom and CBS)
David Britt (Former KPMG Executive)
Kimmarie Sinatra (General Counsel of Wynn Resorts)
J.S. Oliver Capital Management
Brian Sweet (Former KPMG Executive)
Former CFO of Hanger, Inc.
Gridsum Holding, Inc.
The Elastos Foundation
- Defended Johnson & Johnson in a suit filed by a shareholder alleging that, between 2013 and 2017, J&J issued numerous public statements that were materially false or misleading because they failed to disclose that J&J had “known for decades” that its talc products included asbestos fibers and could potentially cause cancer.
- Representing Apple, Inc. in a securities class action and parallel shareholder derivative action arising out of a stock drop based on a Q1 2019 Earnings report.
- Representing Credit Suisse Securities U.S.A. (and related entities) in connection with numerous lawsuits, representing billions of dollars of alleged liability, brought by monoline insurers and trustees of several residential mortgage-backed securities trusts.
- Representing nine current and former directors of McKesson Corporation in a shareholder derivative action alleging that McKesson’s directors breached their fiduciary duties by failing to monitor and knowingly causing the Company to engage in the purported violations of federal laws and regulations underlying a 2017 settlement.
- Successfully represented PayPal in a string of securities class actions claiming PayPal’s executives covered up a Federal Trade Commission inquiry by not disclosing it in proxy statements while seeking reelection, and also caused the company to engage in practices in violation of FTC regulations.
Sullivan & Cromwell LLP
Sullivan & Cromwell LLP in New York is recognized for the high volume of high-quality securities litigation it handles. Robert Giuffra and Sharon Nelles typify the outstanding quality of the litigators in securities class actions, derivative cases and regulatory enforcement matters. Newly promoted partner Julia Malkina in New York is an emerging talent, and head of the Los Angeles office Robert Sacks is also recommended.
'It has a small practice but it is a leading firm is securities litigation,' says one source about Wachtell, Lipton, Rosen & Katz in New York, which climbs the ranking this year. The firm frequently represents Fortune 500 companies, leading financial institutions and multinational corporations, as well as their senior executives and directors, in a wide range of complex and high‐profile matters including regulatory enforcement and white-collar criminal matters, related civil proceedings arising from such governmental investigations and a broad variety of securities litigation. It has a solid track record in class action and individual claims under federal securities laws, and it has recently secured important victories for clients in securities fraud class actions as well as IPO‐related cases. Jonathan Moses and William Savitt lead the practice, in which John Savarese, Stephen DiPrima, Elaine Golin, Carrie Reilly and Ryan McLeod are also recommended.
‘It has a small practice but it is a leading firm is securities litigation.’
Lions Gate Entertainment Corp.
U.S. Bank N.A.
- For Arconic Inc. the firm handled securities litigation under Section 10(b) of the Exchange Act and Section 11 of the Securities Act alleging that certain disclosures were false and misleading or failed to disclose material information about Arconic’s commitment to safety, business and financial prospects, and the alleged risks posed by sales of a cladding product that is alleged to have been a factor in the 2017 Grenfell Tower fire.
- Handled a case for Match Group in which plaintiffs allege that in 2017 Match and IAC wrongfully interfered with a contractually established process for the independent valuation of Tinder by two national investment banks, resulting in a substantial undervaluation of Tinder and a consequent underpayment to the plaintiffs upon exercise of their stock options.
- For US Bank, the firm defending several tort claims stemming from collapse of a third‐party hedge fund that operated primarily within the RMBS space.
- Handled a 10b5 action filed against United Technologies in connection with a stock drop following reduction in earnings guidance.
- Serving as national counsel in mortgage and RMBS matters to Bank of America, spearheading the bank’s global strategy across its legacy mortgage portfolio, including litigation and negotiations with RMBS trustees and certificate holders.
Williams & Connolly LLP in Washington DC is perhaps best-known for its white-collar practice, which for many years led it to represent individual corporate officers in criminal or SEC enforcement cases and consequent securities litigation. In recent years, however, it has significantly grown its volume of work for large companies in complex stock drop or event-driven securities litigation. Its recent successes for Intel Corporation and Lockheed Martin are prime examples. As it moves into the traditional securities litigation space it is not relying on a transactional practice to feed work to its litigators, but instead wins work on the basis of the ability of its multi-talented litigators to take an objective and independent approach to cases. Robert Van Kirk and Steven Farina lead the practice, in which John Williams is an emerging talent.
Other key lawyers:
‘I have the highest regard for the firm and the partners there with whom I have worked, including John Villa, who are excellent substantively and have good practical judgment. I have just the highest of praise for them.‘
The Carlyle Group
Lockheed Martin Corp.
Tenet Healthcare Corporation
Former CEO and the former Chairman of the Board of Immunomedics
Former CFO of Booz Allen Hamilton
Former CEO of Internet Advertising Firm
Founder, Former CEO and Executive Chairman of comScore, Inc.
Wilmington Trust Corporation
- Secured a dismissal on the pleadings for Intel in a putative securities class action in the Northern District of California arising out of alleged security vulnerabilities in Intel’s chips.
- Represented The Carlyle Group in ongoing multi-jurisdictional litigation arising out of the 2008 financial crisis and prevailed in every action filed across multiple continents over the course of the last decade.
- Currently fending off six coordinated securities class actions filed in both federal and state court against CVS relating to its acquisition of Omnicare in 2015, in which plaintiffs allege alleging 1933 and 1934 Act violations.
- Representing Lockheed Martin’s space division regarding threatened litigation by shareholders in a third party—Collinear Networks, Inc.—with which Lockheed Martin had business dealings, alleging misrepresentations in investor presentations and offering documents connected to Collinear’s offerings of securities.
- Secured the dismissal of a securities class action against Tenet Healthcare Corporation following the company entering into a non-prosecution agreement, and is now defending the dismissal of a shareholder derivative lawsuit in Texas state court.
Willkie Farr & Gallagher LLP handles a wide variety of shareholder derivative suits, securities class actions for underwriters and IPO-related securities litigation. It has a particularly prominent role IPO-related cases under the 1933 Act in both federal and state court, with matters for the underwriters of Uber and Greensky notable in 2019. Alongside Section 10b cases, the firm is also handling numerous event-driven securities matters, including class actions arising from the alleged misconduct of senior executives. In New York, litigation chair Tariq Mundiya and co-chairs of securities litigation Todd Cosenza, Michael Young and Antonio Yanez are the key practitioners. The firm recently launched a San Francisco office with hires including Simona Agnolucci from Keker, Van Nest & Peters LLP, and recruited Randall Jackson in New York and Michael Gottlieb in DC, both formerly of Boies Schiller Flexner LLP. All three have significant SEC enforcement and securities litigation expertise.
Uber Underwriters Group
Farfetch, Inc. Underwriters Group
Curo Group Holdings Corp.
Ruane, Cunniff & Goldfarb
GoldenTree Asset Management LP
GreenSky, Inc. Underwriters Group
Liberty Tax Inc.
Goldman Sachs & Co. LLC
JP Morgan Securities LLC
Morgan Stanley & Co. LLC
- Obtained the dismissal of a derivative action against Ruane, Cunniff & Goldfarb, a money manager best known for its management of the iconic Sequoia Fund, following Sequoia’s loss of more than $2bn caused by Sequoia’s investment in Valeant Pharmaceuticals.
- Representing the underwriters of Uber’s 2019 initial public offering in class actions in the Northern District of California and California Superior Court.
- Retained by the lead underwriters, including Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC, to represent all sixteen underwriters to the IPO of ADT Inc. in putative class actions filed in Florida state and federal court against the company, directors and officers, and the underwriters, alleging misrepresentations and omissions in the offering documents in violation of the Securities Act of 1933.
- Hired after Liberty’s auditor, KPMG, resigned; a derivative litigation in Delaware Chancery Court seeks recoveries from the controlling stockholder, and the securities class action filed in the Eastern District of New York seeks damages for Liberty’s stock price declines after the alleged misconduct of Liberty’s former CEO became public.
- Representing the underwriters of GreenSky, Inc.’s May 2018 $1bn initial public offering in putative class actions in New York Supreme Court and the Southern District of New York.
WilmerHale handles complex securities and corporate governance matters litigated by government agencies, regulatory bodies and private parties. It has a long track record of defending federal and state securities claims alleging fraud, violations of prospectus and other disclosure obligations, breach of fiduciary duty, corporate misconduct, and insider trading. It is know for its prowess in handling class actions, SEC enforcement matters and FINRA arbitrations. Its recent work spans the country, with significant matters on the West Coast and the East Coast for clients in a broad range of industry sectors, including telecoms, pharmaceuticals, insurance, technology and aerospace. William McLucas, former SEC Commissioner Daniel Gallagher and Christopher Davies in Washington DC, Fraser Hunter in New York and Andrea Robinson in Boston are in charge of the securities department, while New York-based Michael Bongiorno is the lead partner in the securities litigation and enforcement practice. Timothy Perla in Boston is an emerging talent in securities and financial services litigation.
Other key lawyers:
‘I have dealt with Michael Bongiorno and Timothy Perla. Both have excellent knowledge of securities laws and negotiation skills. They have excellent judgment and deal very well with adversaries. They can be very tough when needed but also careful not to offend adversaries unnecessarily. They also have very good senses of humor, which serve them well when negotiating with adversaries and dealing with clients and co-counsel.‘
‘We have interacted significantly over the years and this is a very strong team.‘
‘I have worked extensively with Mike Bongiorno, Tim Perla, Peter Kolovos, Peter Spaeth and Jeremy Adler. All of these are talented and well-prepared lawyers.‘
Comcast Cable Communications, LLC
Electronics for Imaging
HeartWare International, Inc.
Newfound Research LLC
Northrop Grumman Corporation
Ocular Therapeutix, Inc.
Royal Bank of Scotland Group plc
TerraForm Global Inc.
Top Ships, Inc.
Toronto-Dominion Bank, TD Securities Inc. and TD Securities (USA) LLC
- Achieved a significant victory for Assertio Therapeutics when Judge Jon S. Tigar of the US District Court for the Northern District of California granted our motion to dismiss all claims in a shareholder class action alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
- Representing e-commerce company Webloyalty.com, Inc. (now cxLoyalty Group), named as a defendant in two class-action lawsuits, which alleged violations of various federal laws and state consumer protection laws.
- Defending Care.com, Inc., founder Sheila Lirio Marcelo, and former chief financial officer Michael Echenberg in a securities class action in the US District Court for the District of Massachusetts challenging as false or misleading numerous public statements by Care.com and the individual defendants.
- Decured a significant victory for Comcast when Judge Bradshaw of King County Superior Court issued his ruling in State of Washington v. Comcast Cable Communications Management, LLC, et al., which arose from allegations of deceptive marketing.
- Achieved a significant victory for Electronics for Imaging, a global technology company, and two of its executives, when Judge Madeleine Cox Arleo of the US District Court for the District of New Jersey granted WilmerHale’s motion to dismiss all claims in a shareholder class action alleging violations of Sections 10(b) an 20(a) of the Securities Exchange Act of 1934.
Arnold & Porter, where the practice was founded by a co-author of the seminal SEC antifraud rule known as Rule 10b5, carries on its tradition of handling high-profile securities enforcement and litigation matters. The firm frequently defends high-stakes investigations conducted by the SEC, DOJ, CFTC, Congress, state Attorneys General, FINRA, PCAOB, and other federal, state, and industry regulators, as well as federal and state securities class actions and shareholder derivative litigation. Its work covers the full spectrum of securities issues, including allegations of fraud, improper financial reporting, misrepresentations and omissions, accounting improprieties and inadequate internal controls. Veronica Callahan in New York and Michael Michael Trager in Washington DC are the lead partners. Adam Reinhart in DC is a key partner working on the regulatory enforcement side. Prominent partner Vincent Sama moved to Seyfarth Shaw LLP.
Other key lawyers:
American International Group
American Realty Capital
Atlantic Security Bank
Baltic Trading, Ltd.
Blackstone Alternative Asset Management, Hedge Fund Solutions
Credit Suisse Securities (USA) LLC
Ernst & Young LLP and Individual Partners
Fred Alger & Company, Incorporated
Howard Smith (former CFO of AIG, current Vice Chairman of C.V. Starr & Co.)
JP Morgan Securities; JP Morgan Clearing Corp.
Standard & Poor’s
Joy Global Inc.
National Union Fire Insurance Company of Pittsburgh, Pa.
RSM US LLP and RSM US Wealth Management LLC
Special Committee of the Board for the Lending Club
Special Committee of the Board of Directors of SFX Entertainment, Inc.
Spirit AeroSystems Holdings
Triaxx Asset Management
TSR Inc. and the Board of Directors of TSR Inc.
US Education Finance Group and Henry Howard
W&M Helenthal Holding, LLC; Smart-Fill Management Group, Inc.; Chaffee Family GST Trust
York Capital Management LLC
- Representing Yelp and three of its senior officers in a 10b5 securities class action in the Northern District of California concerning Yelp’s revision of its forward looking guidance in early 2017 which resulted in a stock drop.
- Representing Charles Schwab & Co., Inc. in a 10b5 securities class action alleging that Schwab failed to properly disclose the manner in which it routed customer equity trades to UBS pursuant to an agreement entered into between Schwab and UBS.
- Defending the members of the Special Committee of the Board of Directors of SFX Entertainment, Inc. in a federal securities class action alleging 10b5 and control person claims relating to a proposed going-private transaction.
- Representing named defendant Edward Hoganson, chief financial officer of the REIT, Hospitality Investors Trust (“HIT”), in the derivative litigation Milliken v. American Realty Capital Hospitality Advisors, LLC, in which defendants are alleged to have breached their fiduciary duties as a result of their dual roles as employees of the Advisor to the REIT and officers of the REIT.
- Representing two independent directors in a putative class action arising out of the merger of two REITs with combined assets of $3.5bn, with the complaint alleging, inter alia, securities law violations against the companies, the sponsor, and the target company’s directors.
Baker Botts L.L.P. is recognised as a key player in the energy and technology sectors, from which it derives a substantial proportion of its securities litigation work, but it is increasingly sought after by clients from other industries. The firm has played a key role in some of the largest, most complex and closely-watched securities class actions in the US, including several matters for Halliburton. Though the practice is largely centred around the Houston office, the firm is active across the country, handling 10b5 and Section 11 cases up in federal and state courts in several states. Danny David leads the securities and shareholder litigation practice from Houston, where David Sterling is regarded as 'a lion of the bar and a strong and sensible advisor for securities and derivative action cases'. Jessica Pulliam in Dallas (who is 'capable, tenacious and an exceptional advocate') and the 'precise and smart' Jonathan Shapiro in San Francisco are emerging talents in the partnership.
‘In the cases I worked on they maintained a very tight team with a very high level of partner involvement. It definitely wasn’t a case of pawning things off to junior associates. I also noted an unusually strong connection with the client, a personal touch to the representation.‘
‘Jonathan Shapiro is so precise and smart while being caring and empathetic at the same time.‘
‘I would strongly recommend partner Jessica Pulliam.‘
‘David Sterling is a strong and sensible advisor for securities and derivative action cases. He is very responsive and has several decades experience. He helped us on a smaller derivative securities case and did an excellent job.‘
‘David Sterling is a lion of the bar nationwide. Smart and practical, he manages the cases effectively and efficiently.‘
‘The depth of their resources was impressive — they had numerous capable, highly-qualified members of their team throughout the engagement.‘
‘Jessica Pulliam is highly capable, tenacious, and an exceptional advocate.‘
‘John Lawrence is intelligent, methodical and has a knack for finding ways to compromise with respect to numerous highly contentious disputes.‘
‘Those with whom I have worked have worked together very nicely as a team, collaborating with co-counsel and seamlessly working with opposing counsel and the court.‘
‘Jessica Pulliam has done a very good job leading the team and presenting in court.‘
8POINT3 ENERGY PARTNERS LP N
OFFICERS AND DIRECTORS OF ADEPTUS HEALTH, INC.
CHICAGO BRIDGE & IRON COMPANY N.V.
COBALT INTERNATIONAL ENERGY, INC.
FTS INTERNATIONAL SERVICES, LLC
DIRECTORS AND OFFICERS OF IDEV TECHNOLOGIES, INC.
NEW YORK REIT, INC. EVALUATION COMMITTEE
QC HOLDINGS, INC.
WESTAR ENERGY, INC.
WILLBROS GROUP, INC.
ZION OIL & GAS, INC.
- Represented Rent-A-Center, Inc., one of North America’s largest rent-to-own companies, in a 10(b) securities class action filed against RAC, its former CEO Robert Davis, and former CFO Guy Constant, alleging that RAC made misrepresentations and omissions of material facts concerning the reliability and functionality of its proprietary point-of-sale management information system—SIMS.
- Representing former officers and directors of Adeptus Health Inc., the owner of the nation’s largest network of freestanding emergency rooms, in a class action asserting claims under 10b-5 and Section 11, an opt-out suit alleging Texas state-law claims, and against claims by Adeptus’s bankruptcy trustee.
- Represented Willbros Group, Inc. and its officers and directors in securities class action brought in the S.D. Tex. alleging 10b5 federal securities law violations.
- Representing Chicago Bridge & Iron Company in a 10(b) securities class action pending in the Southern District of New York, that arose out of alleged misrepresentations about CB&I’s accounting for the acquisition of The Shaw Group after the sale closed in 2013, CB&I’s accounting with respect to two nuclear projects being constructed by The Shaw Group in South Carolina and Georgia, and CB&I’s financial reporting and public statements with respect to those two projects.
- Represented the Evaluation Committee of the Board of Directors of New York REIT, Inc. in its investigation into potential claims in connection with allegations raised in a shareholder derivative lawsuit of mismanagement and breach of fiduciary duties by the company’s current and former officers and directors in connection with the “blatant” self-dealing of AR Global Investments, LLC.
Cadwalader, Wickersham & Taft LLP has 'very strong advisors giving practical advice' and one source notes that 'they treat clients as equals and give pragmatic and understandable explanations on complex legal matters'. The 17-partner practice has a prominent presence in the financial services sector and frequently acts for financial institutions in nationwide class actions, consolidated multi-district litigation and parallel state court proceedings. Its knowledge of cutting-edge structured products, deal-contingent hedging, bank regulatory matters and and the hedge fund sector are among its key strengths. It often handles matters RMBS, CMBS, CDOs, CLOs, CDSs, auction rate securities, GICs, mezzanine loans and other financial products. The 'practical and solution-oriented' Jason Halper in New York is 'a terrific counsellor and advisor', and he leads the practice. Jonathan Watkins in Charlotte, who 'really goes above and beyond', and Nathan Bull in New York, who is 'very down to earth and easy to work with', are emerging talents at partner level.
‘The firm has very strong advisors giving practical advice. They take the time to get to know our business and work to see how they can best serve us.‘
‘Jason Halper is a terrific counsellor and advisor. who is very practical in his approach and solution-oriented.‘
‘The partners worked together better than I have seen at other firms. There was no intra-firm squabbles in front of me, the client.‘
‘I had one partner working out of the NYC office and one out of the Charlotte office, and I found it to be seamless.‘
‘My main partner was Jonathan Watkins, who works in both their Charlotte and their NYC offices. Jon takes a personal care and attention with the cases, really going above and beyond what I have seen in my twenty years of working with outside counsel. For the first day of my arbitration, he left the hospital where his wife was receiving emergency heart tests, grilled the bejesus out of the opposition, and then calmly returned to the hospital. I haven’t seen anything like that.‘
‘I found senior counsel Aaron Lang to be a very gifted writer. The clarity and speed of his brief writing was admirable. Really, it’s like he should teach legal writing at a national law school.‘
‘The NYC partner I worked with was Nathan Bull, whose main role was to prep my for depositions and for the arbitration. What impressed me about him was how quickly he was up to speed with all the intricacies of the case, and I didn’t feel that my preparation was in the slightest “cookie cutter”. We discussed the facts of the case in the way a long term mentor might with a pupil, even though I had just recently met him.‘
‘Cadwalader has excellent partners and associates. I have dealt with several “white shoe” law firms over my career. Cadwalader does not have the pomposity I have seen at other white shoe firms. They listen well and give pragmatic and understandable explanations on complex legal matters. They treat clients as equals. The partners appear to treat the associates with respect, welcoming and valuing their input and giving them meaningful legal work.‘
‘I have worked with Nathan Bull on past and on-going litigation. He did a great job preparing me for and representing me in a deposition and works well with another law firm with a common interest in on-going litigation. He is very down to earth and easy to work with.‘
‘Nunu Luo is an associate who is very easy to work with, gives good advice and is helpful with all the logistics involved with on-going litigation.‘
‘Cadwalader has a team of litigators who are exceptionally hardworking but also easy to get along with. Even when they are representing the opposing side, they are responsive, responsible and reliable, which makes practicing opposite them as much of a pleasure as it could be under the circumstances.‘
‘Jason Halper is quiet and unassuming but an excellent thinker who is steady and sometimes witty at the podium. Nathan Bull is a rising star who is a brilliant writer with a tremendous work ethic.‘
- Representing Janus Henderson Group plc, Janus Index & Calculation Services LLC, and Janus Distributors LLC, in individual and securities class actions pending in federal district courts in New York and Alabama arising from suffered the largest one-day drop in the DJIA in history, when an exchange-traded note issued by Credit Suisse, VelocityShares Daily Inverse VIX Short-Term note (XIV), which traded inversely to the VIX Volatility Index, lost nearly all of its value.
- Representing Janus Henderson Group plc, Janus Index & Calculation Services LLC (n/k/a Janus Henderson Indices LLC) and Janus Distributors LLC, in a securities class action filed in federal court in New York in February 2019, alleging that design flaws in an exchange-traded note created by Janus were not disclosed in the registration statement.
- Represented Kingsland Holdings Limited, a third party appointed by United Airlines, Inc., in an action to foreclose on pledged collateral of a controlling interest in the parent company of Avianca Airlines (the second largest airline in Latin America and second oldest airline in the world) after Defendants BRW Aviation LLC and BRW Aviation Holding LLC defaulted on a loan from United of over $500m.
- Representing Kevin Marsh, the former CEO of SCANA Corporation, in litigation arising from the abandonment of an $11bn project to build two nuclear reactors in South Carolina.
- Representing Assured Guaranty Corp. in litigation arising from Puerto Rico’s restructuring of approximately $73bn of debt, the largest-ever US municipal debt restructuring and the first bankruptcy of any US territory.
Clifford Chance in New York climbs the ranking this year. It has a team of lawyers who have become 'serious players in the US as well as international arena for securities litigation defense', according to one client. The firm's US litigation practice is seamlessly integrated with its global team, which frequently represents large global financial institutions and companies in US securities litigation. Its sweet spot is acting for foreign clients in US litigation, which recently included cases relating to the alleged manipulation of Libor. 'If there's a cross-border complex case, you often see Clifford Chance in the mix', remarks one source. Practice head Robert Houck leads a 17-partner group that includes seven former federal prosecutors, as well as former senior regulators and prosecutors from other regulatory agencies including the SEC and the Commodity Futures Trading Commission (CFTC). Key partners Jeff Butler and Anthony Candido and associate Benjamin Berringer are also recommended.
‘Clifford Chance, and in particular, Rob Houck, their NY litigation and investigations lead, are serious players in the US as well as international arena for securities litigation defense. They have been very busy in the last year, and I believe Rob and his team have recently resolved major class action litigations. They’re also involved in the ongoing global resolution of the LIBOR and other benchmark investigations and litigation around the world.‘
‘Clifford Chance represents clients facing multi-jurisdictional issues, with significant presence in the area of US jurisdiction over non-US entities. Rob has been building the US bench over the last few years – it’s an impressive team. The practice is international and if there’s a cross-border complex case, you often see Clifford Chance in the mix.‘
Bank of Montreal
ICBC Standard Bank Plc
The Royal Bank of Scotland
Mike Lynch, founder of Autonomy
- Defending ICBC Standard Bank plc, a large financial institution, in US class action litigation concerning alleged manipulation of platinum and palladium benchmarks in London.
- Defended Bank of Montreal, a large financial institution, in a US multi-district litigation comprised of more than 40 class action litigations brought against “Primary Dealers,” a group of more than 20 financial institutions that participate in the government auctions for debt securities issued by the US Treasury Department and the re-sell of those securities to private investors on the secondary market.
- Advising The Royal Bank of Scotland in numerous class actions and regulatory investigations alleging manipulation of LIBOR and other benchmarks, and in subsequent implementation of settlement undertakings and compliance audits.
- Defending Mike Lynch, founder of Autonomy, in this high-profile, high-value and complex cross-border dispute involves litigation of civil and criminal claims on both sides of the Atlantic, which includes allegations of financial impropriety and misrepresentation made by Hewlett Packard (HP), which acquired Autonomy in 2011 for $11bn.
- Acted for the London-based asset management arm of a major financial institution in connection with its role as investment manager of a number of Irish funds and related disputes with a US hedge fund involving allegations of fraud, misappropriation of trade secrets, and aiding and abetting breach of fiduciary duties.
Cohen & Gresser LLP in New York has a team of nine partners who spend a significant proportion of their time handling securities litigation. The firm 'does extremely high-quality work' thanks to 'superb litigators who have substantial experience trying complex cases'. Well-versed in all aspects of securities, shareholder, and derivative litigation, the firm has in-depth knowledge of of complex financial products. As a result, it frequently defends broker-dealers, investment advisors, hedge funds, and private equity funds in securities litigation and FINRA arbitrations. Many of its civil securities litigation partners also handle regulatory matters for clients in the financial sector. 'Outstanding trial lawyer and strategist' Mark Cohen and Lawrence Gresser are the practice heads. Nathaniel Read, the 'bright, attentive and creative' Daniel Tabak, the 'smart, practical' Gale Dick and the 'technically excellent, very responsive' Stephen Sinaiko are all highly praised by clients.
‘We work with Dan Tabak and he is bright, attentive, creative, a great partner, and reasonably priced for a New York firm.‘
‘The Cohen & Gresser team does extremely high quality work. They are superb litigators who have substantial experience trying complex cases. They are unique in that there are no other firms of their size with their talent, experience, and deep knowledge of the securities laws.‘
‘Mark Cohen is an outstanding trial lawyer and strategist who has excellent judgment. Nate Reid is very thoughtful and an all-around fine advocate.‘
‘Cohen & Gresser has a deep and experienced bench – unlike many of its peers it has lots of people with real experience trying and arbitrating cases to final award. They are also cost-efficient.‘
‘Mark Cohen is the complete package. He is highly intelligent and strategic, great on his feet, has outstanding judgment and instincts, a calming and reassuring presence as a counselor, and is appropriately aggressive and tough when and as needed. Nate Read also deserves mention as a well-rounded litigator and steady presence.‘
‘Gale Dick and his team are smart, practical and easy to work with. We frequently consult and collaborate with them on high profile securities cases.‘
‘I was involved in a difficult and complex case. My company was the client. Stephen Sinaiko was the lead person who acted for us. I found him to be technically excellent, very responsive and he was businesslike with a “can do” approach. I am a big fan of Mr. Sinaiko. Anyone who hires him will not be disappointed.‘
‘They are a strong team. Mark Cohen is someone I have worked with a lot and he’s excellent. They are very smart, commercial and excellent with clients.‘
‘Cohen & Gresser acted as counsel for an issuer in a derivative securities action in which my firm represented a plaintiff shareholder. The defendants were hedge fund investors in the issuer. Daniel H. Tabak had primary responsibility for representation of the issuer in the litigation through a mediation settlement. He was instrumental in obtaining the parties’ commitment to mediate. He then took a leading role in the mediation to negotiate a settlement. The result was a substantial award for the issuer. Dan Tabak’s contributions in the mediation reflected an in-depth knowledge and sophistication of the securities law issues in dispute, as well as an ability to effectively work with all parties in the case.‘
‘It is my firm view that Daniel Tabak brings extensive capabilities and experience in securities defense work. I have been a plaintiff’s attorney in security litigation matters for nearly 40 years. Cohen & Gresser is viewed by the plaintiff’s bar as having a very capable securities litigation defense practice in dispute resolution.‘
‘It has great depth of knowledge and sophistication even though it is a relatively small firm.‘
‘Larry Gresser, Nate Read, Dan Tabak and Scott Thomson all stand out for their knowledge of the securities laws as well as the business practices of the industry.‘
Winged Foot Holdings
- Defending a former outside director of Aegean Marine Petroleum Network Inc., previously one of the largest independent fuel suppliers of the world, in connection with an alleged $300 million fraud scheme asserted in both (i) a consolidated securities class action brought by Aegean’s shareholders; and (ii) a breach of fiduciary duty action brought by the trustee of a Litigation Trust.
- Representing the holding corporation of a prominent golf club in a shareholder derivative litigation filed by the shareholders against the club itself and certain directors of the holding company, in which the plaintiff alleges that the holding corporation holds extremely valuable assets, principally the land on which the golf club sits, and that the directors and the golf club failed to maximize these assets for the benefit of the shareholders.
'Responsive, sensible and great to work with', remarks a client of the securities litigation practice at Cooley LLP, which climbs the ranking this year. A prominent firm on the West Coast, it has defended more life sciences companies in securities class actions filed over the past ten years than any other firm. In that sector, the firm scored a string of victories in 2019, including successes in state courts of appeals and circuit courts of appeals, as well as before the US Supreme Court. The firm also has substantial experience in representing Special Litigation Committees and Audit Committees and in handling internal investigations, as well as regulatory enforcement actions. Practice head Koji Fukumura in San Diego is 'very engaging, hardworking, detail-oriented and very smart'. Patrick Gibbs is an experienced trial lawyer in Palo Alto who is 'passionate about people, clients and cases'.
Other key lawyers:
‘Our team at Cooley was great to work with. We won a dismissal at an early stage due to our combined efforts and good facts. Our Cooley team had the knowledge and foresight to seek an early agreement with plaintiffs’ counsel on discovery that paid dividends after the plaintiffs sought to shift tactics. This kind of knowhow is exactly why I’d call Cooley on my next securities dispute.‘
‘Our Cooley team was responsive and sensible. Plus, they are just the kind of people you want to be interacting with, friendly with the right demeanor. Patrick Gibbs is worth calling out.‘
‘Its advice is client-focused, smart but understandable and not pretentious. It has very smart, capable and communicative attorneys.‘
‘Koji Fukumura is very engaging, hardworking, detail-oriented, great with clients and very smart.‘
‘Patrick Gibbs is passionate about people, clients and cases. He makes it personal but keeps goals in clear focus.‘
‘Former SEC enforcement officials bring unique perspective. The team is highly qualified and invested in your case. Their knowledge of cryptocurrency is second to none.‘
‘They are passionate about the case but still very pragmatic.‘
GNC Holdings Kik
- Obtained a victory for Qualcomm and the individual defendants in a securities class action filed in the Southern District of California alleging the company failed to disclose technical problems with a high-end chipset; the ruling was affirmed in 2019.
- Obtained a victory for GNC Holdings and certain of its officers in connection with a securities class action filed in the Western District of Pennsylvania that alleges the company made false or misleading statements regarding certain nutritional supplements that allegedly contained ingredients that could not lawfully be sold in the United States.
- Obtained a win for Regulus Therapeutics and certain offers and directors in a securities class action that alleges defendants made false or misleading statements concerning the company’s drug candidate designed to treat Hepatitis C.
- Obtained a victory for NewLink Genetics and certain current and former officers in a securities class action filed in the Southern District of New York in relation to the announcement of Phase 3 trial results.
- Obtained a victory for Dynavax and three of its officers in a securities class action filed in the Northern District of California alleging false and materially misleading statements and/or omissions regarding the Company’s hepatitis B vaccine, HEPLISAV-B.
At Dentons, litigation is a core activity for the global financial markets team, which has a track record of success in the defense of securities class actions and complex commercial disputes involving securities and complex financial products. Its diverse workload includes cases related to benchmark rate matters, derivatives, commodities, residential and commercial mortgage-backed securities, collateralized debt obligations, structured investment vehicles and other securities. It is also a leading adviser to life insurance companies in such matters. Sandra Hauser in New York was appointed head of the firm's commercial litigation practice last year. She frequently defends financial services and insurance companies in class actions. Experienced partner Kenneth Pfaehler in Washington DC also stands out for litigation and regulatory enforcement matters. The firm hired Douglas Henkin in New York from Baker Botts L.L.P., who brings experience in securities disputes as part of his broad litigation practice.
Canadian Imperial Bank of Commerce (CIBC)
Impac Mortgage Holdings Inc. , Impac Secured Assets Corp. and Impac Funding Corp.
Genworth Financial, Inc.
Metropolitan Life Insurance Company
Arrowood Indemnity Company, Arrowood Surplus Lines Insurance Company
New York Stock Exchange
Financial Industry Regulatory Authority, Inc.
- Represented the Canadian Imperial Bank of Commerce (CIBC) in a high-profile alleged benchmark rate-fixing class action filed in the Southern District of New York.
- Representing New York Stock Exchange LLC, NYSE Arca, Inc., and CHX in a Section 10(b) case against all major US equities exchanges alleging that exchanges’ provision of proprietary data feeds, colocation services, and complex order types allowed high frequency trading firms to manipulate every equities trade in those US markets.
- Representing NYSE Arca in connection with an Exchange Act Section 19 challenge by SIFMA to a fee filing made by Arca.
- Representing Sand Canyon in multiple lawsuits alleging breach of representations and warranties of 96 loans sold in 2006.
- Represented FINRA in a putative class action brought by a hedge fund, alleging they sent money to the wrong shareholders in a defunct drug company.
'The attorneys have actual experience in the trenches, meaning significant trial experience, former employment in government enforcement, and active cases against the government', says a client of DLA Piper LLP (US). A key strength is the firm's ability to provide experienced local representation in courts nationwide, including in the busiest jurisdictions for securities class actions and regulatory enforcement actions. 'They execute strategies with confidence and are relentless in representing us', says a client of the practice led by John Clarke in New York and James Mathias in Baltimore. Amy Ruhland in Austin, San Diego-based Shirli Fabbri Weiss and, on the SEC enforcement side, John Hillebrecht in New York play key roles in the practice. 'The team is extremely responsive, hardworking and successful in litigation', says a client.
‘The attorneys have actual experience in the trenches, meaning significant trial experience, former employment in government enforcement, and active cases against the government.‘
‘They are very tough but very smart. They have guts and do not shy away from challenging cases or aggressive opposing counsel. They execute strategies with confidence and are relentless in representing us.‘
‘The firm has broad resources with ability to respond thoroughly and quickly. It focuses on understanding issues at hand with the objective of understanding key issues and developing appropriate action plans.‘
‘DLA’s securities litigation practice group has deep legal and industry knowledge and expertise. They are able to cover a wide range of issues in multiple jurisdictions. Also, their work product is excellent.‘
‘The team was phenomenal. their preparation and subsequent preparation of us was outstanding. Their knowledge of the industry and the issues was second to none.‘
‘The team is smart and experienced, practical, mindful of client’s expenses and fees, realistic in their case assessment and budgeting, and good people.‘
‘The team is extremely responsive, hardworking and successful in litigation efforts.‘
‘Despite DLA being a monster-sized firm, I always feel like I’m dealing with a smaller boutique, where my matters are their top priority. The breadth of actual trial experience is impressive. And I appreciate their willingness to not just treat me as a client, but as a member of the legal team.‘
The Allstate Corporation
Roth Capital Partners, LLC and Northland Securities, Inc. (Sky Solar)
Hain Celestial Group, Inc.
MetLife Underwriters (Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC)
Atlas Financial Holdings, Inc.
Austin-based investment firm
Akers Biosciences, Inc.
Santa Cruz County Bank
- US District Judge Edward Davila of the Northern District of California denied plaintiff’s renewed motion for class certification In re Finisar Corporation Securities Litigation, a case alleging misrepresentation caused a 16% overnight stock price increase.
- Representing The Allstate Corporation and two of its senior officers in a putative class action asserting claims for alleged securities fraud pending in the Northern District of Illinois, in which plaintiffs allege that Allstate experienced an increase in claims frequency for its Allstate brand auto insurance beginning in the fourth quarter of 2014 but allegedly mischaracterized the reasons for that increase as external factors.
- Representing Roth Capital Partners, LLC in a consolidated securities class action currently pending in the United States District Court for the Southern District of New York, in which plaintiffs assert that Roth and Northland, as underwriters of Sky Solar Holdings, Ltd.’s IPO, made inaccurate and misleading statements of material fact and omitting to state material facts in connection with the Sky Solar’s IPO registration statement.
- Representing The Hain Celestial Group, a major American food company, in three related securities and shareholder class actions in state and federal court, in which plaintiffs claim breaches of fiduciary duties, lack of oversight, and corporate waste due to Hain failing to disclose an alleged “fraudulent channel stuffing scheme”.
- Representing the six underwriters in a federal class action based on two offerings of common stock by MetLife, Inc. in August 2010 and March 2011.
King & Spalding LLP is a firm with a culture that leans strongly towards litigation and does not rely on its transactional lawyers to fill its pipeline of securities litigation. Instead, clients often seek out the firm specifically for its skills in 10b5 securities class actions, as well as as derivative suits and M&A-related litigation. Focused predominantly, though not exclusively, on mid-market matters, the litigators work closely with the firms government investigation and regulatory enforcement lawyers. Michael Smith in Atlanta and Paul Bessette in Austin lead the 8-partner practice. One client praises Jessica Corley in Atlanta as 'one of the best securities lawyers - male or female - and she is the hardest working attorney I know'. Warren Pope, also in Atlanta, frequently appears as lead or co-lead counsel in federal and state courts from California to New York.
‘Jessica Corley is one of the best securities lawyers (male or female); she is the hardest working attorney I know and very smart. She welcomes it when people underestimate her. She is a winner – professional at all times.‘
AAC Holdings, Inc.
Adeptus Health, Inc.
Alliance MMA, Inc.
Bristow Group, Inc.
Capitala Finance Corporation
Evolent Health, Inc.
Floor & Decor Holdings, Inc.
Global Brokerage Inc. f/k/a FXCM Inc.
Lexicon Pharmaceuticals, Inc.
Newell Brands Inc.
Quorum Health Corporation
Tivity Health, Inc.
Triangle Capital Corporation
U.S. Express Enterprises
WR Hambrecht + Co
- Representing Equifax Inc. and certain of its officers in putative securities class action litigation arising from the large-scale cybersecurity incident announced in September 2017.
- Won a rare panel rehearing victory on behalf of Hanger, Inc. in the Fifth Circuit Court of Appeals in a securities class action which involved a large, four-year restatement of financials and an audit committee investigation that concluded that some members of management created “cookie jar” reserves to smooth earnings and set an inappropriate “tone at the top.”
- Obtained a dismissal in favor of Global Brokerage Inc. in securities litigation in the Southern District of New York, with the judge finding that the plaintiffs failed to adequately allege scienter.
- Representing SCANA, its subsidiary SCE&G, and members of its board of directors in connection with a series of lawsuits and investigations arising from SCANA’s decision to abandon construction of Units 2 and 3 at the V.C. Summer Nuclear Power Plant in South Carolina.
- Obtained a hard-won dismissal for FXCM, Inc., its CEO, and its CFO in a federal securities class action brought by shareholders after the Swiss National Bank’s unprecedented decision to allow the Swiss franc to trade freely against the euro.
The securities litigation and enforcement practice at Mayer Brown has an integrated approach to compliance, investigation, enforcement, litigation and appellate matters, with the the same lawyers who represent a client before securities regulatory authorities also being able to assist in any related litigation. Having been involved in many securities actions arising from the global financial crisis, the firm continues to continue to win significant decisions in federal and state appellate courts, including the US Supreme Court. The firm acts predominantly for financial institutions, though it also represents large corporates such as Frontier Communications Corporation. Joseph De Simone is the lead litigation partner in New York, with Richard Rosenfeld and Matthew Rossi in Washington DC in charge of regulatory enforcement matters. In New York, Matthew Ingber is also recommended. Glenn Vanzura, who joined the Los Angeles office from Irell & Manella LLP, also handles class actions and derivative cases.
Frontier Communications Corporation
Barclays Bank PLC
Canadian Imperial Bank of Commerce
Bank of China
Bank of New York Mellon
- Representing Frontier Communications in securities and derivative actions in which plaintiff allege that defendants provided false cost estimates tied to integrating the acquired accounts, omitted the fact that the company changed its accounting policies, falsely stated that the acquisition of Verizon accounts affected fewer than 1% of consumers, and made false assurances about the success of the acquisition.
- Represented Banco BCT S.A., Banco BCT Internacional in a complaint against a Panamanian bank,a Costa Rican bank, and one of its top executives, in which plaintiffs claimed that the defendants had assisted a former trustee to loot the trust of tens of millions of dollars, and sought more than $20m in damages.
- Represents Citibank, N.A. in litigation relating to its role as trustee of residential mortgage-backed securities.
- Achieved a complete victory for Montreal broker-dealer Pictet Overseas Inc. and principals of Geneva-based private bank Banque Pictet & Cie following a week-long trial in the Southern District of Florida in a FINRA arbitration brought by two investment trusts seeking $108 million in damages stemming from a large-scale Ponzi scheme that Pictet was alleged to have facilitated.
- Representing Altisource Residential Corporation (RESI) in a putative shareholder class action in which plaintiffs, shareholders of the company, allege that defendants violated the federal securities laws, including Section 10(b) and Rule 10b-5, as well as Section 20(a) of the Exchange Act, by making materially false statements and/or failing to disclose material information to the company’s shareholders.
Morrison & Foerster LLP's securities litigation, enforcement and white-collar defense group handles federal and state securities class actions, derivative litigation, merger litigation, US Attorney and SEC enforcement investigations and litigation, white-collar matters, internal investigations and other complex litigation involving shareholder suits and corporate governance. The firm is able to handle cases in any jurisdiction across the US, thanks to the presence of securities litigators in many of its offices. Jordan Eth in San Francisco, Joel Haims in New York and Dimitria Doufekias in Washington DC are co-chairs of the practice. In class actions, the firm frequently acts for clients from a broad range of sectors including technology, software, media, banking, financial services and consumer products. It is also a key adviser to officers, directors and special committees in derivative cases.
Altaba fka Yahoo!
RH Inc. and its Chief Executive Officer and Chief Financial Officer
Fitbit Inc. and certain of its directors and officers
TerraVia Holdings, Inc. (previously known as Solazyme, Inc.)
Blackberry Ltd. and certain of its offers and directors
Medequities Realty Trust
Education Realty Trust Inc.
Farmland Partners Inc.
Stanley Perla, Abby Wenzel, directors of Hospitality Investors Trust, Inc.
TriLinc Global Impact Fund LLC
William Spears, former director of UnitedHealth Group
- Representing SoftBank and affiliated individuals in securities litigation arising from WeWork’s withdrawal of its proposed IPO and its search for new funding.
- Representing McKesson in shareholder derivative actions and other related matters arising out of McKesson’s 2017 settlement with the Drug Enforcement Administration, Department of Justice, and various United States Attorneys’ offices relating to McKesson’s order reporting practices for controlled substances.
- Representing Acer Therapeutics Inc. in a securities class action in the Southern District of New York and a related shareholder derivative suit in the District of Delaware, arising from the development of a drug that treats vascular Ehlers-Danlos syndrome, a rare disease known to cause abnormal fragility in blood vessels.
- For Precision Castparts Corp., the firm defended a a Section 10b claim in which plaintiffs allege misstatements and omissions arising from Precision’s announcement in January 2015 that it was withdrawing an earnings target for 2016.
- Representing Oracle and certain of its current and former directors and officers in defense of a securities class action and derivative action in which plaintiffs allege that Oracle hyped the growth of its Cloud business without disclosing that its growth rates were allegedly unsustainable.
Norton Rose Fulbright US LLP climbs the ranking this year due to its powerful combination of regulatory enforcement and securities litigation capability, which it delivers through a network of offices across the US and internationally. With securities litigation skills in Houston, Austin, Dallas, San Antonio, New York, Washington DC and many other jurisdictions, the firm is well-placed to handle matters relating to industry hotspots, such as the emerging technology sector in Austin. The firm is also a key player in litigation involving the energy sector, and it has a growing presence in cases arising from the life sciences, biotechnology and financial services industries. Kevin Harnisch in DC leads the practice, in which Houston-based global head of disputes Gerard Pecht handles big-ticket securities litigation and SEC enforcement matters. Rodney Acker in Dallas is also recommended.
Lek Securities Corp.
XBiotech USA, Inc.
Payment Data Systems, Inc.
Scottsdale Capital Advisors Corp.
- Representing Lek Securities Corp. and its CEO in an enforcement action the SEC filed in the Southern District of New York alleging that our clients aided and abetted a customer’s manipulative trading over a period of approximately six years.
- Defended Uranium Energy Corporation, a Canadian mining company with former US Energy Secretary and Senator Spencer Abraham on its board, in multiple securities lawsuits.
- Successfully defended a Rule 10b5 securities class action filed against Rackspace and its former CEO and CFO in the US District Court for the Southern District of New York.
- Secured a landmark decision dismissing a Section 11 securities class action alleging that XBiotech made misrepresentations during its initial public offering regarding the clinical trial timeline for a cancer treatment under consideration by the European Medicines Agency.
- Representing Sierra Oncology and its officers and directors in a Rule 10b-5 class action suit in the Southern District of New York and in a companion Section 11 class action in San Mateo, California relating to the discontinuation of clinical trials for an experimental cancer treatment.
Paul Hastings LLP has a strong securities litigation offering on both the West and East Coasts, as well as having experienced practitioners in key cities such as Washington DC, Chicago and Houston. From these key centres, the firm handles the full range of securities litigation for financial institutions, investors and corporate clients. Its recent work includes traditional 10b5 securities class actions and Section 11 IPO-related cases. Among its blue-chip clients are Goldman Sachs, Barclays, Royal Bank of Canada, Pfizer and Samsung. Peter Stone Palo Alto leads the practice, in which the key practitioners include New York-based global chair of litigation Barry Sher, Wiliam Sullivan in Los Angeles, Palo Alto-based Edward Han and Christopher McGrath in Orange County.
- Representing Barclays Bank PLC and certain of its affiliates in a putative class action lawsuit in which plaintiffs allege that defendants engaged in an eleven-year conspiracy in violation of Section 1 of the Sherman Act and, in support, cited approximately 150 chats and phone calls relating to various transactions where prices were allegedly manipulated.
- Representing a former senior executive of Las Vegas Sands Corporation, William P. Weidner, in a federal securities class action alleging that the defendants made false and misleading statements in 2007 and 2008 relating to the company’s construction costs and financing prospects involving Las Vegas Sands’ global development projects.
- Represented all eleven underwriters of NRG Yield, Inc.’s (NYLD) $620m equity offering in a shareholder lawsuit alleging that NYLD, the underwriters, and certain other defendants of violating the federal securities laws by failing to disclose, among other things, the adverse impact of lower wind production on the financial projections of NYLD.
- Represented the underwriters of US Steel’s $482 million secondary equity offering in a consolidated securities class action alleging that US Steel, the underwriters, and certain other defendants of violating the federal securities laws by misrepresenting US Steel’s “Carnegie Way” strategy to overhaul the company and revitalize its profitability.
- Currently represents the underwriters of Sea Ltd.’s (SE) $840m equity offering in a securities class action brought in the Supreme Court of New York alleging that Sea Ltd., the underwriters, and certain other defendants of violating the federal securities laws by failing to disclose (i) adverse financial information about Sea Ltd.’s forthcoming quarter-end results and (ii) issues with the upgrade of its gaming platform.
Proskauer Rose LLP has an extensive client base among issuers and their senior executives and board members and financial institutions for securities regulation and litigation. Among its clients are full-service and boutique brokerage firms, domestic and foreign investment banks, investment advisers, investment companies, business development companies, hedge funds, private investment funds, banks and securities issuers around the world. The firm has a 19-partner securities litigation and regulatory defense practice, led by Ann Ashton in Washington DC, where Ralph Ferrara is a standout practitioner for complex securities class and shareholder derivative actions. The firm also has securities litigators in New York, Boston, Los Angeles and Boca Raton. Gregg Mashberg, Joshua Newville and Jonathan Richman are the key partners in New York. 'The firm tries to find ways to get things done versus simply giving you a list of all the reasons that it can not be done', remarks a client.
Other key lawyers:
‘I work with many law firms. I find that Proskauer tries to find ways to get things done versus simply giving you a list of all the reasons that it can not be done.‘
‘Steven Kayman is an incredible litigator – mostly because he is so knowledgeable about litigation that he is really good at convincing the other side not to litigate! This is why we have relied on him for over two decades.‘
‘Joshua Newville has a deep knowledge of securities laws as well as a great deal of experience within the SEC Enforcement Division. This combination enables him to not just give great advice to the client but also puts him in a position to explain things to the SEC in ways that would otherwise fall on deaf ears.‘
Financial Oversight and Management Board of Puerto Rico
The Depository Trust & Clearing Corporation (DTCC)
- Serving as lead outside counsel to the Financial Oversight and Management Board for Puerto Rico, which was created under the Puerto Rico Oversight, Management and Economic Stability Act (known as “PROMESA”) to oversee the restructuring of Puerto Rico’s finances, the largest ever municipal restructuring in the United States.
- Representing DTCC in administrative proceedings initiated before the US Securities and Exchange Commission by a brokerage firm claiming that DTCC’s SEC-approved risk management system for requiring brokers to post margin to secure their trading activities violates requirements that clearing agency rules prevent unfair and anti-competitive practices.
- Representing Henry Schein in a federal class action lawsuit in the Eastern District of New York on behalf of purchasers of Henry Schein, Inc. securities from March 7, 2013 through February 12, 2018, who allege that defendants made false and misleading statements respecting their dental distribution business.
- Represented JBS case in a federal class action lawsuit on behalf of purchases of the American Depository Receipts of JBS S.A. from May 6, 2014 through July 5, 2017, who allege that defendants had made false and materially misleading statements about their adherence to JBS’s compliance and anti-corruption and anti-bribery policies.
- Representing YRC Worldwide Inc., the holding company for a portfolio of less-than-truckload companies with one of the largest, most comprehensive logistics and LTL networks in North America, in securities class actions, shareholder derivative actions, and related matters, in which plaintiffs allege that YRC failed to properly disclose the loss contingency relating to an investigation by the Department of Justice regarding the alleged overcharging misconduct following a qui tam action that was filed under seal in 2008.
'They know the issues in the mutual fund space and both their business lawyers and litigators are very good listeners', says a client of Ropes & Gray LLP. The firm has defended cases on behalf of a wide variety of clients in state and federal courts nationwide, including the Supreme Court, though its key area of expertise is in the alternative asset management space. It has one of the leading practices for private equity funds, hedge funds and credit funds, and it has scored a string of successes in excessive fees cases. The practice also has a strong client base in the life sciences sector, which gives it a role in high-stakes and complex securities matters for multinational pharmaceutical, medical device and biotechnology companies. David Hennes in New York and Peter Welsh in Boston are heads of the practice. Anne Johnson Palmer in San Francisco is also recommended.
Other key lawyers:
‘Younger partner Amy Roy in Boston is terrific.’
‘Ropes and Gray co-represented us in a mutual fund shareholder suit. Their strength is their outstanding expertise in the mutual fund space which helped their litigators approach the case properly.‘
‘First, they know the issues in the mutual fund space. Second, both their business lawyers and litigators are very good listeners. Third, they do an excellent job in helping prepare a witness for testimony.‘
‘Our board was represented by Ropes in a potentially serious litigation. The result was a home run – complete dismissal. They had superb knowledge of the relevant case law. They knew which risks to worry about and which aspects of the litigation were probably noise. They had enough faith in their assessment to reassure us, along the way. I wouldn’t hire anyone else.‘
‘Robert Skinner and Amy Roy represented us. They are each complete professionals in every sense of the word. Not only did they make the right decisions, pick the right strategies, and execute superbly, they gave us the necessary counsel and education so that we could make the right choices at the many points where we, the client, had to make a decision. Litigation can be extremely stressful, and their knowing manner eased many a moment and allowed me to sleep soundly throughout. I recommend each of them, whole heartedly and unreservedly.‘
Metropolitan West Asset Management, LLC
William Koch, Oxbow Carbon & Minerals Holdings, Inc., Ingraham Investments LLC, Oxbow Carbon Investment Company LLC
Elliott Management Corporation
Morgan Stanley, Citi, the Royal Bank of Canada, UBS, and Keefe Bruyette & Woods
TriNet Group, Inc.
LPL Financial Holdings, Inc.
Genocea Biosciences Inc.
The Baupost Group
Apax Partners, LP and affiliates
Holiday Acquisition Holdings LLC
TMI Trust Company
REV Group, Inc.
Deutsche Bank National Trust Company
Jardine Lloyd Thompson Group PLC
Goldman Sachs Group, Inc.
Independent Directors and CEO of AGNC Investment Corp.
- After a seven-day bench trial held in December 2018, a federal court in the Central District of California rejected claims of excessive mutual fund fees asserted against client Metropolitan West Asset Management, LLC.
- Secured the dismissal of securities claims brought against Morgan Stanley, Citi, the Royal Bank of Canada, UBS, and Keefe Bruyette & Woods, the underwriters of two securities offerings by AmTrust Financial.
- Represented TriNet Group, Inc.—an HR outsourcing company based in the Bay Area that serves small- to medium-sized companies—in connection with a federal securities class action filed in the Northern District of California concerning higher claims activity than expected on medical and workers compensation insurance plans.
- Extending a string of victories for the Sequoia Fund and its directors and adviser—including prior decisions in New York federal and state courts rejecting similar claims—the firm recently secured victories in both Maryland state court and the Second Circuit relating to the Fund’s prior investment in Valeant Pharmaceuticals.
- Secured a second complete dismissal of a putative securities class-action lawsuit filed in the Southern District of California on behalf of LPL Financial Holdings Inc., its former CEO and its current CFO regarding 2015 financial results, which fell below analyst expectations and resulted in a one-day stock decline of 35%.
Vinson & Elkins LLP is most widely known for its work in the energy sector, in which the firm handles a significant volume of securities litigation and regulatory enforcement work. Nevertheless, its work is not defined by a single industry and the firm represents issuers, underwriters, accounting firms, financial institutions, and directors and officers in securities fraud class actions and other claims associated with stock-price declines, financial restatements, whistleblower complaints, short-swing and insider trading allegations across a number of business sectors including pharmaceuticals. Jim Thompson in Houston and John Wander in Dallas are co-heads of the firm's litigation department. Co-heads of complex commercial litigation Michael Holmes in Dallas and Craig Seebald in Washington DC are also key to the firm's securities litigation work, as is Clifford Thau in New York. Michael Charlson in San Francisco also handles cases involving insider trading and other breaches of fiduciary duty.
C&J Energy Services, Inc.
Energy Transfer Equity, LP
Plains All American Pipeline, L.P.
Special Litigation Committee of Zynga, Inc.
Independent Directors of Arcturus Therapeutics Ltd.
VIVUS, Inc. and various current and former officers and directors of the company
Teva Pharmaceutical Industries, Ltd.
Caiman II Energy, LLC and related entities and individual fiduciaries
FedNat Holding Company
ClearSign Combustion Corporation
- Representing EZCORP, Inc. in two consolidated class action lawsuits filed in the Western District of Texas, in which plaintiffs allege that the company and its former CEO made false and misleading statements or omissions regarding EZCORP’s financial restatement based on accounting errors related to its former Mexican subsidiary, Grupo Finmart.
- Secured a resounding victory for Plains All American Pipeline, when the Fifth Circuit Court of Appeals affirmed the dismissal of putative class action securities litigation brought by Plains investors who sought nearly $1.5bn in damages for stock losses allegedly incurred in the aftermath of a highly publicized pipeline leak in California.
- Representing the Special Litigation Committee of the Board of Directors of Zynga, Inc. in evaluating allegations made against various current and former officers and directors of the company in shareholder derivative litigation related (primarily) to a secondary public offering of Zynga common stock into which certain of the defendant officers and directors sold.
- Represented biotechnology company Arcturus, acting through its independent directors, in connection with a breach of fiduciary duty and breach of contract lawsuit it brought against the company’s founder and CEO, Joseph Payne, for various alleged wrongdoing while he was in office.
- Represented Caiman Energy II, LLC and related entities in a contract-based entity-governance action filed for expedited proceedings in Delaware in spring 2019, and tried to the bench in late June 2019, involving an effort by Williams Field Services, a co-investor with Defendants in an energy pipeline joint venture in Ohio and northwestern Pennsylvania, to block a public offering of securities of an affiliate of the joint venture.
Winston & Strawn LLP is best known for parallel or “piggyback” civil proceedings that follow government investigations, qui tam lawsuits, and other corporate trauma matters in heavily regulated industries such as life sciences, healthcare and financial services. The firm is also highly active in securities litigation and corporate governance-related issues in the context of bankruptcy context, and in nationwide federal securities class actions involving Section 11 claims, for both issuers and underwriters, arising out of both IPOs and secondary public offerings. The firm's partner are 'not only smart and hardworking but also humble and willing to listen'. In New York, Jim Smith is chair of the 13-partner securities litigation practice and Matthew DiRisio plays a key role. John Schreiber in Los Angeles is represents public and private companies and their boards of directors in a broad range of complex commercial disputes, including federal securities and consumer class actions.
‘Winston has a fabulous core group of litigators who came over from Dewey. They are still doing great work at Winston. They are fabulous to work with because they are not only smart and hardworking but also humble, willing to listen and very attuned to what will and will not be persuasive to a court.‘
‘Jim Smith remains an immensely talented advocate who can charm any judge. Matt DiRisio is an exemplary writer who can condense, repackage and serve up complex material in a compelling way. John Schrieber is vigorous, earnest and possesses excellent courtroom judgment. Lisa Chan is a rising star who is headed for great things.‘
Omnicare, Inc. (CVS Health Corp.)
True Value Company
Global Eagle Entertainment, Inc. / American Stock Transfer & Trust Company, LLC
Command Security Corporation and its Directors
Former Chief Operating Officer of Citadel Plastics Holdings, LLC
CPI Card Group, Inc. and TriCor Pacific Capital
TreeHouse Foods, Inc.
Macquarie Infrastructure Corporation (MIC)
Howard B. Schiller, former CFO of Valeant Pharmaceuticals International, Inc.
NPE Seller Rep LLC
- Successfully resolved for Omnicare a federal securities class action after winning the most important Securities Act case to come before the US Supreme Court in decades, when the Court soundly rejected a lower court’s decision that held that a plaintiff asserting a securities fraud claim based solely on a statement of opinion contained in a registration statement need only allege that the opinion turned out to be wrong.
- Representing Macquarie Infrastructure Corporation (MIC) in multiple related federal securities class actions and shareholder derivative suits arising from MIC’s announcement in February 2018 of its 2017 financial results and dividend guidance for 2018, which caused a more than $2bn drop in MIC’s market capitalization in a couple of hours.
- Successfully resolved a securities class action in federal court in Manhattan seeking more than $95m in damages arising out of an initial public offering (IPO) by CPI Card Group, Inc., a leading provider of credit, debit, and prepaid debit cards, including so-called “chip” cards.
- Representing Howard B. Schiller, former Chief Financial Officer of Valeant Pharmaceuticals International, Inc., in a putative class action brought by holders of Valeant common stock and debt securities, who filed suit after the prices of Valeant securities declined significantly following various negative publicity concerning prices that Valeant charged for certain drugs, Valeant’s relationship with a now-defunct pharmacy, Philidor Rx Services, and a restatement of certain of Valeant’s historical financial statements.
- In a “piggyback” derivative litigation following on federal securities cases, the firm is defending TreeHouse Foods, certain of its senior executives, and its board of directors in a purported federal securities fraud class action in which plaintiffs allege that TreeHouse misled investors about the success of its acquisition of certain parts of the business of Conagra Foods.
Allen & Overy LLP in New York acts principally for large banks in securities and financial services disputes, among which are complex civil and criminal matters. Asset managers, corporates and individuals are, nevertheless, increasingly a part of its client base, particularly in cross-border multi-jurisdiction investigations and litigation. Insider trading and anti-corruption cases are key elements in its work. Its ability to combine knowledge of securities laws in multiple jurisdictions is one of the firm's main strengths. Jacob Pultman leads the nine-partner practice, in which David Esseks and up-and-coming partner Andrew Rhys Davies stand out for cross-border securities and financial services disputes. Senior associate Bradley Pensyl is recommended for commercial and private equity litigation and shareholder disputes, as well as regulatory enforcement matters. The firm also has securities litigation capability in its Washington DC office.
- Representing Deutsche Bank and several of its employees in litigation in New York State Supreme Court brought by Galopy Corporation International, N.V., in which the plaintiff claims that it provided collateral for a derivative transaction between Deutsche Bank and a Venezuelan broker-dealer, and that Deutsche Bank wrongfully paid that collateral to another Venezuelan entity after the Venezuelan government intervened in the financial sector and seized the broker-dealer.
- Representing a global financial services company in regulatory matters relating to alleged manipulation and collusion in the global precious metals markets, as well as the multi-district class action proceedings In re Commodity Exchange Gold Futures and Options Trading Litigation.
- Defended a hedge fund partner at trial on criminal insider trading charges in a high-profile case, in which the US Attorney’s Office for the Southern District of New York charged the client with causing his fund to trade securities on the basis of information that a Washington-based consultant improperly obtained from the federal agency administering Medicare about its deliberations concerning Medicare reimbursement rates.
- Representing a senior executive in connection with criminal investigation into allegations of spoofing and other misconduct by US bank precious metals traders.
- Advising an international financial institution in connection with a cross-border regulatory investigation into the client’s hiring practices in the APAC region.
Baker & Hostetler LLP's nationwide practice of more than 50 attorneys comprises full-time securities litigators, former SEC and DOJ enforcement trial lawyers, and prominent commercial litigators. Representing both small and large public companies, the firm has a good track record of securing motions to dismiss, defeating or limiting class certification, prevailing on summary judgment and taking cases to trial. Head of securities and governance litigation Douglas Greene works in the Seattle and New York offices. He has focused purely on securities and corporate governance litigation for 22 years. John Carney in New York frequently handles regulatory enforcement matters alongside litigation, as does Jonathan Barr in Washington DC. Shawn Cleveland in Houston, who joined from Winston & Strawn LLP, adds many years of experience in SEC and DOJ investigations, as well as securities and breach of fiduciary duty claims.
- Representing Canada-based Namaste Technologies and its CFO, former CFO, and former CEO in now-consolidated securities class actions filed in the Central District of California and Southern District of New York, in which plaintiffs allege that defendants made materially false and misleading statements about divesting its US interests, among others.
- Retained to represent David Pruitt, who has been charged with multiple non-fraud securities law violations after a joint SEC/DOJ investigation.
- Representing Boca Raton, Florida-based Greenlane Holdings, Inc. to defend it and its directors and officers in three securities class actions filed in Florida state court and another in the Southern District of Florida, in which plaintiffs allege that the defendants omitted material facts and made false and misleading statements about the risks posed by new proposed state and local anti-vaping regulation.
- Representing Maryland-based Eagle Bancorp, Inc. in a securities class action in the Southern District of New York, in which the plaintiffs allege that the defendants made false and misleading statements regarding Eagle’s internal controls and related party transactions.
Fenwick & West LLP has represented leading names in the technology sector for almost 50 years, and the track record of its securities litigation practice includes significant matters for the likes of Uber, Fitbit and GoPro. The firm is also increasingly active for both start-ups and mature companies in other sectors, notably financial services, food and beverage, pharmaceuticals, medical devices and energy. It is not only among the most active firms in California for securities litigation, but also handles sizeable class actions and derivative suits in courts across the US. The practice acts for public companies, financial institutions, investors, board members and executives in civil securities litigation matters, corporate governance matters, and SEC and DOJ enforcement proceedings. Kevin Muck and Susan Muck lead the practice from San Francisco, where the bulk of the ten-partner practice is based.
Natus Medical 15
Members of the Board of Directors of Uber Technologies
Demand Review Committee of the Board of Directors of Sempra Energy Corporation
- Currently representing Box, Inc., a leading Cloud Content Management platform based in Silicon Valley, and three of its officers and directors in a federal securities class action pending in the Northern District of California, in which plaintiffs purport to allege that Box’s public disclosures misrepresented and omitted material facts regarding the Company’s business, operations and prospects.
- Representing Fitbit, Inc., one of the largest makers of wearable fitness and health-tracking devices, and two of its officers, in a federal securities class action alleging that the company misrepresented and omitted material facts regarding its future earnings prospects and products in its development and distribution pipeline.
- Representing GoPro and its officers and directors in a number of matters, including federal shareholder suits alleging claims under the federal securities laws, and a Section 11 claim in state court based on the company’s IPO, and in several derivative suits.
- Represented Natus Medical and certain officers and directors in a class action suit in the Northern District of California against the company, its CEO and its CFO for allegedly false and misleading statements regarding a $232m contract with the Venezuelan government.
- Representing Sunrun Inc., the largest residential solar power provider in the US, and its officers and directors in parallel state and federal securities class actions alleging that the company’s registration statement for its initial public offering misrepresented and omitted material facts regarding its sales practices and the impact of regulatory developments in key markets.
Hughes Hubbard & Reed LLP has more than 40 years' experience in the securities litigation market, during which it has defended public and private companies, directors and officers, underwriters and many other outside professionals. The firm has in-depth knowledge of the accounting sector, having frequently represented major accounting firms. It has represented all of the Big Four accounting firms, in litigation, arbitration, SEC, PCAOB, and state accountancy board investigations, proceedings and regulatory matters. Kevin Abikoff in Washington DC and, in New York, William Maguire and Marc Weinstein are co-chairs of the practice. Weinstein also leads the white-collar group, while Maguire's 30 years at the firm have seen him take on complex securities, business and commercial litigation and trial work. Abikoff also leds the anti-corruption and internal investigations practice group.
Deloitte Touche Tohmatsu Limited
Deloitte & Touche LLP
Sellas Life Sciences Group, Inc. (f/k/a Galena Biopharma, Inc.)
Danish Ministry of Taxation
RD Legal Capital
ProPetro Holding Corp.
- Acting for Deloitte Touche Tohmatsu Limited which, along with three other firms that are independent members of the Deloitte network of accounting firms, were sued by Starr Russia Investments III B.V., alleging losses from Starr’s investment in Investment Trade Bank, a Russian entity.
- Defending Deloitte and Touche LLP ub a class action brought by Plaintiff Utah Retirement Systems alleging securities violations of Sections 10(b), 20(a), 20(b) and 20A of the Securities Exchange Act of 1934 by allegedly misstating its financial statements.
- Defending Sellas Life Sciences Group, Inc. (f/k/a/ Galena Biopharma, Inc.) and its former officers in a securities fraud lawsuit in the District of New Jersey, in which plaintiffs assert that the defendants failed to disclose that the company’s promotional practices for an opioid-based medication (Abstral) were allegedly improper and that the company may be subject to civil and criminal liability.
- Won a key ruling for the last remaining defendant in a civil suit accusing two cryptocurrency mining companies and their founder of defrauding customers and investors in a $10m Ponzi scheme.
- Representing ProPetro and certain other individuals in connection with an investigation by the SEC and a class action securities litigation currently pending in the Western District of Texas relating to disclosures regarding the company’s use of potentially transformative technology as well as allegedly improper related party and conflict of interest transactions.
Katten has a experience securities litigation practice that is 'great to work with' and practice head Bruce Vanyo in Los Angeles is widely recognised as one of the most experienced practitioners in the market. Up-and-coming partner Michael Diver, who is 'strong, considerate and smart lawyer', in Chicago and LA-based Richard Zelichov are part of an 'excellent and knowledgeable team' that has a strong track record of success in securities class actions, including IPO-related cases. Anthony Paccione in New York is also recommended.
‘Mike Diver is a great guy and a really good litigator.‘
‘Anthony Paccione is excellent and there is a great knowledgeable team at Katten.‘
‘Bruce Vanyo and Rich Zelichov are two top experienced securities defense lawyers, and they are great to work with.‘
‘The firm has a great team that is really easy to work with.‘
‘Mike Diver is a strong, considerate and smart lawyer. Mike Lohenes is thoughtful.‘
The New York office of Kramer Levin Naftalis & Frankel LLP is known for taking on high-stakes and high-profile litigation, as part of which it defends corporate issuers and their officers and directors in class action securities and derivative litigation, issuers and underwriters against charges of misstatements in public offerings, and public auditing firms accused of securities law violations and accounting malpractice. It also acts for broker-dealer firms, mutual funds and investment advisors accused of trading and regulatory improprieties in civil actions and in SEC, CFTC and FINRA proceedings. The firm frequently handles matters involving parallel civil class actions and criminal, SEC or other regulatory proceedings. Gary Naftalis is the head of the practice, Barry Berke having taken a leave of absence to serve as a consultant to the Judiciary Committee of the US House of Representatives. John Coffey, formerly a partner at a leading plaintiff firm, and Michael Dell are recommended.
‘We are mainly served by Michael Dell and Juliana Maggio, both of whom have a lot of experience and knowledge of applicable laws and legislation. They are always up-to-date on processes and inform us timely of events. They are really outstanding.‘
‘They are always available, understand the demands and systematically meet the deadline.‘
‘Michael Dell has delivered exceptional service and impactful advocacy on behalf of SIFMA’s amicus program for many years. Michael effectively integrates diverse member inputs into cogent and erudite legal briefs that best represent and advance the interests of the securities industry. Michael is easily among the small handful of our “go-to” attorneys to address the most significant legal issues facing our industry.‘
Securities Industry and Financial Markets Association
Ocwen Financial Corporation
Veon Ltd. (fka VimpelCom, Ltd.)
- Filed two amicus briefs in in the U.S. Supreme Court on behalf of the Securities Industry and Financial Markets Association (SIFMA), an association of hundreds of securities firms, banks and asset managers, in cases involving the purchase of mortgage-backed securities by defendants.
- Representing Ocwen and several of its current and former officers and directors in defending various securities class action and opt-out lawsuits filed by Ocwen shareholders in multiple jurisdictions.
- Representing VimpleCom in a consolidated securities fraud class action lawsuit proceeding in federal court in New York City relating to allegations that former VimpleCom officers participated in a conspiracy to bribe a government official in Uzbekistan between 2006 and 2012.
- Representing James Im, the former co-head of Nomura’s commercial mortgage-backed securities desk, who has been sued by the SEC for securities fraud.
New York firm Morvillo Abramowitz Grand Iason & Anello P.C. has a long history of acting in complex white-collar, securities enforcement and regulatory matters, as well as complex business disputes. The firm has had a key role in high-profile securities litigation matters in recent years, notably having represented the former CEO of Petrobras in a securities class action arising from an alleged bid-rigging and bribery scheme. Its work encompasses many industry sectors, including pharmaceuticals and biotechnology. Elkan Abramowitz leads the practice, in which Edward Spiro, who handles complex commercial and criminal litigation at the trial and appellate level in state and federal courts, and veteran litigator Robert Anello are recommended. Lawrence Bader retired and Judith Mogul left to become special counsel Governor of New York.
- Representation of the Founder and Chief Executive Officer of a public company in approximately 20 class action and derivative suits relating to allegations of stock manipulation.
- Representation of the former Chief Executive Officer of Petrobras in connection with a securities class action relating to an alleged bid rigging and bribery scheme; a settlement has been reached and is awaiting final court approval.
- Representation of the former Chief Operating Officer of Fairfield Greenwich in connection with actions brought by court-appointed receivers concerning the largest Madoff feeder fund.
- Representation of former officers and directors of the pharmaceutical company Merck & Co. (the former Merck and Schering-Plough) in connection with the defense and settlement of derivative litigation arising from claims that the drug maker delayed disappointing results of a clinical drug trial.
- Representation of the founder of an international technology firm in connection with shareholder disputes, civil litigation in New York Supreme Court, and regulatory investigations relating to securities laws and agreements between investors.
Quinn Emanuel Urquhart & Sullivan, LLP
Quinn Emanuel Urquhart & Sullivan, LLP is a litigation powerhouse that handles an immensely broad array of work, including securities litigation and regulatory enforcement matters. The firm has a proven record of success in defending actions brought under the federal securities laws and state blue sky laws, including shareholder class and derivative actions, and investigations and enforcement actions by the DOJ, SEC, FINRA and other regulators, as well as internal investigations. Highly active on the plaintiff side, it also handles a significant amount of defense work for large corporates and their directors and officers. Harry Olivar and Richard Schirtzer in Los Angeles, along with New York partners Peter Calamari, Andrew Rossman and Jonathan Pickhardt, lead the securities litigation group.
Altor BioScience, LLC
Dr. Patrick Soon-Shiong
Mickey Gooch and Colin Heffron, former Chairman and CEO of GFI Group
- Represented C3 IoT, a leading Silicon Valley enterprise AI software provider, and its CEO Thomas Siebel and former COO David Schmaier in a bench trial in federal court in the District of Delaware, in which the plaintiff asserted claims for fraud and securities fraud.
- Handled a consolidated amended complaint that was filed in the securities class action arising from allegations that a subsidiary of Mammoth Energy Services, Inc., Cobra Acquisitions, LLC, and its president improperly provided gifts and other things of value to a FEMA official so that FEMA would steer work to Cobra under certain contracts with the Puerto Rican Energy Power Authority (PREPA).
- Represented Allergan and several of its current and former directors and officers in a securities class action pending in the District of New Jersey alleging that Allergan misled its investors by failing to disclose that its former generic drug division, Actavis, was allegedly engaged in a price-fixing conspiracy related to certain of its generic drug products.
- Represented Mickey Gooch and Colin Heffron, former Chairman and CEO of GFI Group, an interdealer brokerage, in a Rule 10b5 securities fraud claim based on one sentence attributed to Mr. Gooch in a press release, disclosing plans to merge with the Chicago Mercantile Exchange.
- Representing Sequoia Capital in connection with the defense of a series of putative class actions filed in California state and federal court alleging securities violations against DropBox, Inc., Sequoia Capital, and certain of Dropbox’s officers, directors, and underwriters, alleging securities violations arising out of Dropbox’s initial public offering conducted on March 23, 2018.
Kibbe & Orbe LLP
Richards Kibbe & Orbe LLP's civil litigation group has acted for hedge funds, investment banks, directors and officers and insurance companies in federal and common-law securities fraud actions involving hundreds of millions of dollars in potential damages. The team has also represented financial institution clients as investors in disputes concerning their rights under the controlling documents for various types of structured products. At the end of 2020, a team of lawyers, including, Rowan Gaither, Shari Brandt, Matthew Riccardi and Daniel Zinman, left the firm for Perkins Coie LLP.
NEX plc and ICAP Europe Ltd.
ICAP plc and ICAP Australia Pty Limited
Former senior executives of Bank of America, Merrill Lynch and First Franklin
Former Director of CBS Corporation
683 Capital, LP, The Mangrove Partners Master Fund, Ltd., CVI Opportunities Fund I, LLLP, Capital Ventures International, CVI Opportunities Fund II, LLLP, G1 Execution Services, LLC, Susquehanna Securities, SAL Equity Trading, GP, and Susquehanna Financial Group, LLLP
Discover Growth Fund, LLC
RMG Networks Holding Group Special Committee Directors
Merrill Lynch Financial Advisor
- Representing the Special Litigation Committee of a NYSE-listed financial institution with respect to shareholder derivative demands relating to allegations that directors and officers violated fiduciary duties in connection with mortgage underwriting practices.
- Acting as counsel for inter-dealer broker defendants ICAP plc and ICAP Europe Ltd. in a federal class action alleging anti-trust and other violations arising out of the alleged manipulation of EURIBOR.
- Acting as counsel for inter-dealer broker defendants in an action alleging anti-trust and other violations from alleged manipulation of the Australian BBSW benchmark rate.
- Representing former senior executives of Bank of America, Merrill Lynch and First Franklin in connection with various actions federal and state court actions brought on behalf of purchasers of RMBS and/or trustees of trusts that issued the RMBS asserting breaches of federal and state securities laws and/or breaches of the terms of agreements entered into contemporaneously with the issuance of the RMBS.
- Acting as counsel for inter-dealer broker defendants ICAP plc and ICAP Europe Limited in an filed in Dutch court alleging manipulation of many different –IBOR benchmarks along with the Australian BBSW benchmark rate.
Schulte Roth & Zabel LLP has a five-partner team that handles securities litigation from both its New York and Washington DC offices. It frequently defends federal and state securities claims across the US, with a particularly prominent role in the defense of hedge funds and private equity firms. Its work also includes the representation of Fortune 500 corporations, securities underwriters and broker-dealers. It has recently shown its prowess in financial services cases, having acted for individuals and organizations accused of insider trading and in short-swing, as well as in disputes relating to blockchain technology and cryptocurrencies. Practice head Michael Swartz in New York and Peter White in DC are the lead partners. Regulatory specialists Gary Stein in New York and DC-based partner Howard Schiffman are also recommended.
Starboard Value (Jeffrey Smith)
Jun Ying (former Equifax executive)
Marlin Equity Partners
National Bank of Canada
Trian Fund Management
venBio Select Advisor
- Advising London-based interdealer broker Tullett Prebon plc and various of its worldwide subsidiaries in a series of class action litigation cases alleging that the firm participated in purported rate rigging, market manipulation, antitrust and other violations regarding various LIBOR and other benchmark interest rates.
- Played a key role in the defense of the group of defendant banks, one of two firms leading the defense group, and was able to secure the dismissal of every defendant from the case — a total victory – in disputes involving allegations of alleged interest rate manipulation.
- Currently advising on multiple “short-swing” cases, arising from plaintiffs alleging that a defendant has bought or sold securities over trading limits.
- Representing Wilmington Trust, National Association, a large financial services company, in its capacity acting as a securities intermediary, in two cases in which an insurance company claims two life insurance policies totalling $19m, both of which are beneficially owned by a hedge fund (for which Wilmington Trust acts as a securities intermediary) is invalid as an illegal wager and, therefore, purportedly void against public policy.
- Acting for KPMG (Cayman Islands) in its capacity as the official liquidator of a number of offshore and domestic hedge funds which had been managed by Premium Point Investments, arising out of allegations of “fraudulent mismarking” of securities.
At Seyfarth Shaw LLP, the focus is firmly on high-stakes securities, derivative, fiduciary duty and M&A litigation, as well as regulatory investigations. The firm's partners have many years of experience in successfully defending corporations and their officers and directors in shareholder class actions and other complex claims. As well as large and mid-sized corporates in sectors such as technology, biotech, hospitality and financial services, the firm also acts for investment banks. The 14-partner securities and fiduciary duty litigation group is nationwide and is led by William Prickett in Boston, Gregory Markel in New York and Kevin Lesinski in San Francisco. The firm recently hired the vastly experienced Vincent Sama in New York from Arnold & Porter. Also in New York, Steven Paradise is recommended.
‘I worked with Seyfarth Shaw several times and I think very highly of the firm and Greg Markel, in particular.‘
Former Controller of a Fortune 100 Company
Special Committee of Board of Large U.S. Bank
Simon Ogus, a co-founder of the start-up media company SportTechie
Wanu Water, Inc
- Representing the former controller of a Fortune 100 Company in securities litigation and in a Securities and Exchange Commission investigation involving the client’s alleged role in a major restatement of financial statements.
- Representing the Special Committee of the Board for a large US bank in an investigation into several issues involving alleged misconduct by employees of the institution and defending a related derivative lawsuit.
- Successfully defended individual in a lawsuit by the company he founded (SportTechie), which sought to compel co-founder to accept less than the fair market value of his shares in SportTechie and falsely alleged that he interfered with SportTechie’s capital raising efforts.
- Representing client against several large stockholders and former directors in a case involving developing issues under Delaware law and the Federal securities laws concerning, among others, voting rights of stockholders, interference with contracts, materiality of public statements regarding credentials and standards of judicial review.
Sidley Austin LLP
Sidley Austin LLP is known for achieving successful outcomes in high-stakes securities actions and SEC enforcement proceedings. Sara Brody in San Francisco, Andrew Stern in New York and, in Chicago, Jim Ducayet and Hille Sheppard are co-leaders of the firm’s Securities and Shareholder Litigation practice group.
The commercial litigation practice at White & Case LLP has securities litigators and regulatory practitioners in Los Angeles, New York, Chicago, Silicon Valley, Miami, Boston and Washington DC. They act as a single integrated team of civil litigators and white-collar lawyers who frequently act for both US and non-US companies in US securities litigation and enforcement actions. A key strength of the firm is its ability to draw on its network of international offices to represent overseas companies facing litigation in the US. Glenn Kurtz in New York leads the practice and has more than 30 years' experience as a trial lawyer. New York-based Douglas Baumstein also has extensive trial experience before US federal and state courts.
Other key lawyers:
‘Simply, we won in the case. The team leader was well prepared and understood all critical points to defend.‘
‘The team leader Douglas Baumstein is an excellent litigation lawyer because he could show us the potential scenario, which helped us to avoid any unnecessary concerns. He was always well prepared and, regardless of the time difference, he quickly replied to our questions and finally we won.‘
Authentix Acquisition Company, Inc.
Advance Auto Parts, Inc.
Former director of Fisker Automotive and his investment vehicle
Stora Enso AB
ReWalk Robotics Ltd.
Loma Negra Companía
Industrial Argentina S.A.
U.S. Century Bank (“USCB”) and six of its directors
- Represent Advance Auto Parts, Inc. in the defense of a putative securities class action filed in the US District Court for the District of Delaware, alleging that financial guidance for 2017 and other public statements about the company’s outlook for fiscal year 2017 were false or materially misleading because certain projections were allegedly unattainable in light of sales and performance data allegedly known to the company.
- Representing Richard Li Tzar Kai and Ace Strength in a securities fraud case concerning the purchase and sale of securities of Fisker Automotive, with certain Fisker shareholders filing a complaint alleging violations of Section 10b of the Securities Act and Rule 10b5.
- Representing ReWalk Robotics Ltd. (ReWalk), a manufacturer of robotic exoskeletons to permit individuals with paraplegia to walk, in the defense of two putative securities class actions alleging that ReWalk’s registration statement pursuant to its September 2014 IPO contained misstatements.
- Representing Loma Negra Companía Industrial Argentina S.A., an Argentine cement manufacturer, in parallel securities class actions filed in the Supreme Court of the State of New York and the Southern District of New York alleging material misstatements in the prospectus for its $1bn IPO.
- Representing Ormat Technologies, Inc. (Ormat), a renewable power and energy company, Isaac Angel, CEO of Ormat, and Doron Blachar, CFO of Ormat in the defense of a securities putative class action brought by alleged shareholders of Ormat in the United States District Court for the District of Nevada in a case arising out of a restatement of Ormat’s financial statements.
Akin Gump Strauss Hauer & Feld LLP's securities enforcement and litigation practice operates across the US on behalf of institutional and high-profile individual clients in industries such as energy, insurance and financial services. It handles the full range of government investigations, class actions and other private litigation. Stephen Baldini in New York leads the litigation practice in which Dallas-based Scott Barnard represents public companies, directors and officers, broker-dealers and board committees in securities fraud class actions, shareholder derivative lawsuits and FINRA securities arbitration. Head of securities enforcement James Benjamin Jr and key partner Michael Asaro in New York are the key contacts for regulatory actions.
Conflicts Committee of Regency Energy
Conflicts Committee of Energy Transfer Equity/William Williams
Scopia Capital Management
Cimarex Energy Co.
Domenic J. Dell’Osso, Jr. and Bryan J. Lemmerman
- Represented Scopia Capital in a securities lawsuits brought by shareholders of Spirit AeroSystems, Inc. in the Southern District of New York, in which plaintiffs alleged that Scopia Capital engaged in short-swing trading in Spirit AeroSystems securities.
- Representing Banro Corporation, a privately held Canadian gold mining company focused on production from its two operating minds in the Democratic Republic of the Congo, and its former CEO John Clarke, in an action alleging a violation of US federal securities laws in connection with alleged misrepresentations concerning its mining operations in the DRC.
- Representing Fred’s Inc. in connection with a securities class action in which plaintiffs allege that Fred’s entered into an agreement with Walgreens and Rite Aid Corp. to purchase 865 Rite Aid stores as a part of a merger plan between Walgreens and Rite Aid, and that Fred’s downplayed regulatory risk and disputed reports in the media that the merger was facing trouble.
- Won a motion to dismiss a defamation lawsuit that was filed in New York State court by a public company against hedge fund clients, Mangrove Partners, in which the plaintiff, Eros International, alleged that Mangrove published a series of false and defamatory research reports regarding Eros as part of a purported “short and distort” market manipulation scheme.
- Representing two individual defendants, as former directors of FTS International, Inc. and officers of Chesapeake Energy Corporation in a securities class action related to the initial public offering FTSI, a subsidiary of Chesapeake Energy Corporation.
Ballard Spahr LLP joins the ranking due to its presence in major SEC enforcement, corporate governance and securities fraud cases. Lead partner Norman Goldberger in Philadelphia has 42 years’ experience in securities class actions, securities fraud derivative claims and enforcement matters. Clients note that he is 'possessed of excellent judgment and he commands the respect of senior corporate officers and directors'. Among his clients are corporate issuers and their officers and directors, firm supervisors and compliance personnel, underwriters, accountants, attorneys, retail brokers, retail and institutional traders, and broker-dealers. Former federal prosecutor David Axelrod is also recommended.
Other key lawyers:
‘Norm Goldberger is quite experienced, possessed of excellent judgment and commands the respect of senior corporate officers and directors.‘
USA Technologies, Inc.
Special Litigation Committee of the Aetna, Inc.
Board of Directors CVI Investments, Inc.
- Defended USA Technologies, Inc. (USAT) against a securities fraud putative class action that alleged certain bad debt expenses had been understated and, when reported by the company, caused the stock price to drop.
- Defending USA Technologies, Inc. (USAT) against several putative class actions brought under the Securities Act and Securities Exchange Act, alleging that USAT filed false and misleading reports with the SEC misstating various financial metrics and providing inaccurate assurances about the sufficiency of USAT’s internal controls after the company reported that it was unable to file its 2018 annual report.
- Defense of a group of privately-held companies and their principal investor in an SEC investigation relating to the privately-held companies’ acquisition of a public company and the subsequent sale of its assets.
Bracewell LLP joins the ranking this year having been active for public and private companies, underwriters and individuals in securities cases filed in federal and state courts throughout the US, as well as before governmental agencies. Its recent work includes matters of accounting fraud, insider trading, disclosure, self-dealing and market manipulation. The firm's Texas-based litigators are focused predominantly on the energy sector. Tony Visage in Houston leads a seven-partner practice, in which the 'creative, thoughtful, practical and very knowledgeable' Stephen Benesh in Austin is a commercial litigator with extensive experience in securities cases, including class actions.
Other key lawyers:
‘Steve Benesh is one of the top litigators that I work with. He has an eye for detail while also maintaining a big-picture strategical perspective. He is creative, thoughtful, practical and very knowledgeable about the energy sector.‘
The Bank of New York Mellon and certain of its trusts and trustees
Pier 1 Imports, Inc.
Southern Copper Corporation
Special Committee of the Board of Enbridge Energy Partners
Hydro One Limited
Great Plains Energy, Incorporated (n/k/a Evergy, Inc.)
Conflicts Committee of the Board of Directors of Tallgrass Energy Partners, LP
Conflicts Committee of the Board of Directors of Western Gas Partners, LP
- Serving as lead trial counsel for two BNY Mellon-managed oil and gas royalty trusts in a securities class action case brought by an investment fund on behalf of the trust’s investors, in which the plaintiff alleges that the defendants misrepresented the composition and productive capacity of vast oil and gas fields that constitute the trust assets.
- Serving as lead counsel for BNY Mellon and an affiliated entity, which are the former trustees of an oil and gas royalty trust and an affiliated company, in a case alleging that BNY Mellon entities breached duties owed to the trust and its shareholders and conspired with other defendants in the lawsuit to improperly divert distributions to which the shareholders were entitled.
- Successfully defended Pier 1 Imports, Inc. and its former CEO and CFO in a putative class action asserting claims of securities fraud, namely that the company and its executives knowingly or recklessly made material misstatements or omissions regarding Pier 1’s financial metrics; distribution network, inventory levels and markdown risk; internal controls; and increasing costs tied to excess inventory.
- Acting for Southern Copper Corporation in a dispute arose from the transfer of ownership of a subsidiary that owns two power plants, the execution of a power purchase agreement for the plants, and the restructuring of a line of credit for the construction costs of the power plants.
Freshfields Bruckhaus Deringer LLP
Freshfields Bruckhaus Deringer LLP joins the ranking, its fledgling practice having been built around the recruitment of highly respected partner Meredith Kotler from Cleary Gottlieb Steen & Hamilton. Kotler is spearheading the development of the practice, which works closely with the firm's highly regarde arbitration, anti-trust and white-collar groups. She combines M&A and securities litigation in her new role, acting for a blue-chip client roster of corporate clients and financial institutions.
Hunton Andrews Kurth LLP has a busy practice in shareholder litigation, corporate internal investigations, regulatory investigations and enforcement proceedings, which includes representing clients in securities cases at the US Supreme Court. Edward Fuhr in Richmond, Virginia, leads a 12-partner securities litigation and SEC enforcement practice that acts for publicly-traded companies and partnerships, audit and conflicts committees, special litigation committees, underwriters, accounting firms, broker-dealers, individual officers and directors, and financial advisers. Bradley Foster in Dallas frequently handles securities class actions alongside M&A litigation, SEC enforcement proceedings and shareholder derivative disputes.
Bowen, Miclette & Britt, Inc.
Tandy Brands Accessories, Inc.
American Institute of Certified Public Accountants
Waikoloa Limited Partnership
- Representing insurance industry client Bowen, Miclette & Britt, Inc. in a multibillion-dollar securities class action, a separate multibillion-dollar receivership claim, numerous related lawsuits in state and federal court, a federal multi-district litigation (MDL) proceeding, and multiple federal appellate proceedings in the Fifth Circuit Court of Appeals and the United States Supreme Court.
- Leading the defense of CoBank in a suit brought by thirty-one institutional plaintiffs suing after the repurchase of $405m of high-interest bonds
- Represented two senior officers of Tandy Brands Accessories Inc. in a lawsuit brought by the company’s bankruptcy trustee, which asserted numerous fraud, fiduciary duty, and other corporate governance claims under Delaware law against the company’s former officers and directors.
- Representing AICPA as amicus in case before 11th Circuit Court of Appeal regarding the application of the in pari delicto to professional malpractice claims against auditors.
- Representing Cherry Bekaert against professional negligence claims in parallel federal (ED Va) and state (Richmond Circuit Court) lawsuits following the revelation of fraud at Cherry Bekaert’s audit client, Thalhimer.
The securities litigation and enforcement practice at Jenner & Block LLP is 'unfailingly responsive, creative, thorough and pragmatic'. The practice, which acts for both defendants and plaintiffs, represents public and private companies, and their officers and directors, in class actions, derivative shareholder litigation and tender offer litigation. It also handles claims to recover losses from complex securities and derivatives transactions on behalf of institutional investors including hedge funds, foreign banks and large corporates. The practice is led by Stephen Ascher in New York, Thomas Newkirk in Washington DC, who is recommended for his 'elegant, creative and sophisticated legal strategies', and the 'unflappable' Howard Suskin in Chicago, who is 'relentlessly committed to effective advocacy'.
‘Jenner’s team is unfailingly responsive, creative, thorough and pragmatic, while keeping a careful rein on the legal spend throughout.‘
‘Howard Suskin remains unflappable in even the most stressful situations, which is of enormous comfort to the C-suite and board, while remaining relentlessly committed to effective advocacy.‘
‘Tom Newkirk leverages a spectacular knowledge of regulatory perspectives and prior enforcement actions to marshal elegant, creative and sophisticated legal strategies.‘
‘Howard Suskin shows personal commitment to a successful outcome and he brings intelligence and commitment to the job at hand.‘
American Express Company
Hertz Global Holdings
Merge Healthcare Incorporated
Equus Total Return Inc.
- Achieved a significant victory in Delaware Chancery Court on behalf of mutual fund Equus Total Return, which was sued by a putative class of shareholders who sought to enjoin Equus from completing an Equity Incentive Plan.
- Successfully obtained a dismissal with prejudice of a putative securities class action filed in the Central District of California against Chicago-based corporation InnerWorkings arising from the restatement of its financials.
- Won a victory for Hertz when the US Court of Appeals for the Third Circuit panel affirmed a lower court’s dismissal of a putative class action lawsuit filed in the District of New Jersey against Hertz and its senior executives, in which two funds accused Hertz executives of making false and misleading statements concerning the company’s financial results, internal controls and future earnings projections.
- Won the dismissal of a securities fraud action against American Express Company and its CEO and CFO in the US District Court for the Southern District of New York, in which the plaintiff, sought to bring claims on behalf of a class of shareholders based on the non-renewal of American Express’s co-brand agreement with Costco in the United States.
- Represented a major manufacturer in a confidential SEC investigation of the client’s accounting and disclosure.
The securities litigators at McGuireWoods LLP are experienced in a wide range of securities-related proceedings on behalf of financial institutions before federal and state courts, the Center for Multi-District Litigation, the SEC, FINRA and the DOJ. Jonathan Blank in Charlottesville, Cheryl Haas in Atlanta, Robert Muckenfuss in Charlotte, Todd Steggerda in Washington DC and Diane Flannery in Richmond are the practice heads. Managing partner of the New York office Noreen Kelly is key to the firms broker-dealer, restructuring, finance and white-collar practices, and she handles securities cases for financial institutions. Jeffrey Chapman in New York is also recommended.
- Represent the subsidiary of an American worldwide banking and financial services holding company, in connection with class actions, mass actions, arbitrations, receivership proceedings and other litigation arising out of one of the largest Ponzi schemes in history.
- Representing an international biopharmaceutical company in a securities fraud claim.
- Representing the New York Branch of a German multinational investment bank and financial services company in a non-party deposition in civil lawsuit brought by US Attorney for the Eastern District of New York involving residential mortgage-backed securities.
- Represented a large investment bank in connection with a criminal investigation by the DOJ into certain high-speed commodity trading practices.
Seward & Kissel LLP litigation team in New York joins the ranking on the strength of its long-standing expertise in class actions and securities matters related to hedge funds and other investment managers, foreign and domestic public companies, investment banks and broker-dealers. The ten-partner practice, led by Michael Considine and 'top-notch litigator' Bruce Paulsen is also well-versed in SEC and other regulatory agency investigations in areas such as insider trading, investment adviser responsibilities, and securities offering rules. The firm draws on its strength in investment management, private equity, mid-market M&A, corporate trustee and maritime corporate and finance to provide specialist advice on securities litigation involving these market sectors.
‘Seward & Kissel has handled a number of significant securities litigation matters. With a firm focus on and reputation in the maritime space, the firm has been involved in many of the most noteworthy securities litigation matters filed against publicly traded shipping companies.‘
‘Bruce Paulsen is the head of the litigation group and a top-notch litigator who has handled a number of noteworthy securities litigation matters over the years.‘
Starbulk Carriers Corp.
Wintergreen Advisers, LLC
Deutsche Bank Trust Company Americas
Sumitomo Mitsui Bank
Fairholme Capital Management
Ratan Capital Management
Corrib Capital Management
- Representing DryShips Inc. in connection with putative securities fraud class action cases brought in the US District Court for the Eastern District of New York concerning stock splits and securities issuances.
- Representing Ratan Capital Fund, LP and its affiliates and principal, in a litigation brought in California state court by a former investor for violations of California state law, breach of fiduciary duty, fraudulent inducement and negligent misrepresentation.
- Successfully represented Corrib Capital Management LP, Corrib Asset Management, LLC, Corrib Master Fund, Ltd., Kevin Cavanaugh, and Kurt Peterson in a litigation in the Southern District of New York alleging short-swing profits under Section 16(b) of the Securities Exchange Act of 1934.
- Successfully represented twelve managed account owners in a litigation in the Southern District of New York alleging short-swing profits under Section 16(b) of the Securities Exchange Act of 1934.
- Representing DryShips Inc. and certain of its officers and directors in connection with a suit brought in the High Court of the Marshall Islands alleging that defendants were the recipients of fraudulent conveyances of assets from non-party Ocean Rig UDW.
Stradling Yocca Carlson & Rauth
Though small, the securities litigation and enforcement practice at Stradling Yocca Carlson & Rauth punches above its weight due its ability to 'understand how prosecutors view cases and give very good strategic advice on how to approach situations'. Predominantly located in California, the firm acts for clients in highly sensitive SEC and internal investigations, as well as complex securities disputes, across the country. It is a key adviser to companies in the life sciences and private equity sectors, as well as handling securities disputes for municipalities and school districts. 'They communicate well, develop effective litigation plans and execute them well', says a client of practice heads Jason de Bretteville, Kathleen Marcus and Marc Schneider in Newport Beach.
‘They are very experienced attorneys, with prior work in SEC Enforcement and/or the US Attorney’s Office. They understand how prosecutors view cases, and give very good strategic advice on how to approach situations. They are very cost effective relating to other firms with their experience level.‘
‘They provide great service – they communicate well, develop effective litigation plans and execute them well. They meet their commitments consistently.‘
Clearlake Capital Group
- Secured the dismissal with prejudice on behalf of Endologix of a securities litigation matter arising out of FDA approval for the company’s Nellix device.
- Stradling secured a settlement of claims on behalf of Ryan Decker and Paul Cramer, principals of Cramer Decker Industries, Inc., arising from CDI’s sale to Control Devices, LLC in December 2017, subsequent to which plaintiffs made allegations of alleging breach of the purchase agreement and fraud.
Vedder Price has 'great experience and skill with all manner of SEC enforcement defense and other securities litigation matters', according to one client who also praises the lawyers as 'highly competent, practical and easy to work with'. The firm regularly defends publicly traded companies, officers and directors, board committees and auditors in federal and state court securities actions. Among its clients are numerous commercial banks, investment banks, broker-dealers, investment advisers, mutual funds, private equity funds, hedge funds and real estate investment trusts. Randall Lending and Thomas Cimino lead the 11-partner practice from Chicago, where former SEC senior attorney Junaid Zubairi also plays a key role. The firm also has enforcement and litigation capability in its Los Angeles and New York offices.
Other key lawyers:
‘I think the Vedder team has great experience and skill with all manner of SEC enforcement defense and other securities litigation matters. They are particularly strong with matters involving asset managers.‘
‘The firm is highly competent, practical and easy to work with as co-counsel. The lawyers have very good touch with clients.‘
Power Solutions International, Inc.
Mark Wogsland/Roadrunner Transportation Systems, Inc.
Kaizen Advisory LLC
Knowledge Leaders Capital LLC
Illinois Metropolitan Investment Fund (IMET)
Phil Scroggin/Fiat Chrysler Automobiles
- Representing a publicly traded engine and power solutions supplier as SEC counsel in ongoing parallel SEC and DOJ investigations stemming from a restatement of financial statements.
- Representing a former director of accounting – Mark Wogsland of Roadrunner Transportation Systems, Inc. – in a federal criminal securities/accounting fraud case.
- Representing a mutual fund advisor in connection with multiple lawsuits (one in federal court and two in state court) filed by former investors in a mutual fund that was sub-advised by a third party, in which plaintiffs allege breach of fiduciary duty, state securities fraud violations and aiding and abetting breach of fiduciary duty.
- Representing Arjuna Ariathurai, the former Chief Risk Officer of LJM Partners, in multiple lawsuits stemming from the February 5, 2018 collapse of the LJM Preservation and Growth Fund; as part of the fund’s collapse, the fund experienced in excess of 80% losses to its assets of $772m.
- Representing IMET in connection with a $175m fraud committed by Nikesh Patel, First Farmers Financial LLC and others arising out of IMET’s Convenience Fund’s purchases of repurchase agreements purportedly backed by USDA-guaranteed loans.